Ladbrokes and Coral agree betting shop sales

The last major obstacle to the merger of Ladbrokes and Gala Coral has been negotiated with the news that Betfred are to buy the majority of the 360 shops the two bookmakers needed to sell to gain approval for the deal from the competition authorities.

Betfred are to buy 322 of the shops for £50 million, with the Stan James chain of betting shops picking up 37 for £500,000. A buyer must still be found for one other shop.

The deal means the £2.3 billion merger, which will create Britain's biggest betting shop operator, is on course to be completed by the end of the month.