British Bookmaker set for stock market flotation British Bookmaker set for stock market flotation By staffBookmaker Coral Eurobet was today said to be gearing up for an ?800m stock market flotation.
The group, which operates some 1,260 betting shops in the UK, has reportedly appointed bankers to look at its options. A listing would make it the latest in a number of firms to cash in on the stock market's appetite for gambling stocks, following the recent flotations of internet poker groups Party Gaming and Empire Online. It would mark a major windfall for the company's management team, led by chief executive Vaughn Ashdown. Coral's management owns 16 per cent of the business, which would be worth around ?128m at the value being discussed. The remainder of the group is owned by private equity firm Charterhouse, which backed a management buyout in 2002. According to a report, Coral has hired investment bank Lehman Brothers as its adviser. A flotation is said to be its preferred option, although a trade sale has not been ruled out. However, the company's ?1.2bn debt means any prospective buyer would have to find ?2bn to fund the deal. Coral was founded in 1926.
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