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Gala Coral is 'worthless' according to equity firm investor

That can't be good to hear when you've pumped £5 billion into a business.

"Gala Coral was formed by a merger between Gala and Coral Eurobet in 2005, but its component parts have been through a series of private equity owners in the past decade. The company has £4.4 billion of debt, including shareholder loans of £1.6 billion, but is operating within its banking covenants."

"Gala Coral, which employs 19,000 people and operates 1,566 Coral betting shops, 165 bingo halls and 31 casinos, has struggled since the double whammy in 2007 of the smoking ban and the scrapping of lucrative high-payout gaming machines."

Read the Times article here.

The betting shop real estate is probably the most valuable thing in the portfolio so it's not as if the bookie itself will go bust. If push came to shove, someone would buy it. But when a corporation is over four billion pounds in debt, things can go pear-shaped very quickly...

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Irish Thoroughbred Marketing Gimcrack Stakes
Group 2, 6f, 2yo C&G
£220,000
1510 local 0010 AEST


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Villiers Stakes preview

The highlight of summer racing in Sydney is the Villiers Stakes. Tasked with the preview is Mitch Fenton.

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Villiers StakesRandwick, G2, 1600m
1615 local time, 0515 GMT

Form link

Website
Twitter: @weekndkngracing
Facebook: /weekendking


The most reliable guide to the Gr2 Villiers has always been the Festival Stakes.

I’m going to stick with that form line; here’s the horses who ran in the Festival, running today.

1 I'm Imposing (55.5) 20-1
2 [0.1] Estonian Princess (54) 7-1
3 [0.3] Strawberry Boy (57.5) 6-1
5 [1.7] Sir Moments (56) 11-2
6 [2.5] Multilateral (54) 60-1
7 [3.8] Scream Machine (56) 20-1
8 [4.3] Aomen (58.5) 30-1
11 [6.8] Monton (60) 16-1
12 [8.0] Keep Cool (54) 80-1

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