Scotbet, the largest independent bookmaker in Scotland, has been taken over in a management buy-out deal after being on the market for 12 months.
The bookmaker's management team has purchased all 65 outlets and its online business, the BBC revealed. The value of the deal, funded by Clydesdale Bank, was undisclosed.
Scotbet’s owner Festival Group had been hit by substantial losses in the economic downturn, which lead to the business being placed on the market one year ago.
The new owners will work on expanding the business, with a particular focus on its online betting, new chairman - former Tote chief executive - John Heaton said.
The move to buy Scotbet - which is the trading name of Morrisons Bookmaker - had been planned for about a year, Mr Heaton said.
Heaton added that it is a good purchase regardless of strong competition from the likes of William Hill, Coral and Ladbrokes, and the move from online betting to lower-tax offshore businesses.
“There are a lot of offshore businesses which are very successful, but this company is licensed by the Gambling Commission with 65 high street outlets, and it’s a good time to expand the online brand,” Heaton added.
