|Hilton Group Plc, the owner of the Ladbrokes betting-shop chain, bought Jack Brown (Bookmaker) Ltd. for 76 million pounds ($134 million) after William Hill Plc last month surpassed Ladbrokes as the UK's largest bookmaker. |
Ladbrokes, owner of 1,921 outlets in Britain, will add 141 shops by buying the Welsh family business, Watford, England-based Hilton said today in a Regulatory News Service statement. Hilton will spend 12 million pounds in the next 18 months to refurbish Jack Brown's outlets and switch them to the Ladbrokes brand.
The purchase of Jack Brown Ltd. by Ladbrokes increases its shop numbers in Wales from 29 to 156. The remaining 14 shops Ladbrokes is acquiring are located in the Birmingham area.
Hilton Chief Executive David Michels said in April that Ladbrokes plans to open at least 200 outlets in the U.K. to maintain its lead over William Hill, which acquired Stanley Leisure Plc's 624 betting shops in June. Ladbrokes is Hilton's fastest-growing business and helped cushion earnings when the company's lodging unit lost customers after the 2001 terrorist attacks.