Monday, June 7 2011 : International expansion on the agenda
Following its acquisition of the UK Tote, Betfred will meet with Tote management to develop the future direction of the company reports business newspaper CityAM.com
Betfred's founder Fred Done is looking to expand the Tote pool to improve liquidity into markets such as South Africa, France and Hong Kong while remaining focused on revitalising the existing business.
Under discussion will be the re-branding of the Tote's betting shops as Betfred but racecourse sites will reportedly remain Tote branded.
A search for a new chief executive to lead the operation will be undertaken while Done will remain as Chairman of the company as set out by the bank financing the deal.
Any redundancies, which the UK bookmaker has assured Tote employees will be no more than 150, will take place at a head office level over the next year once the merger is complete.
The newly merged company will employ 9000 employees and have 1350 stores and is set to be finalised within the next month.