"The Tote" back up for sale

Lazard Bank appointed as government adviser

The British government is about to put the state-owned gambling concern The Tote back up for sale, reports The Telegraph newspaper, noting that Lazard Bank has been appointed to advise government on the matter.

It is anticipated that the company could attract bids in the GBP 100 million to GBP 200 million range - about half the price tag the last time the Tote was put up for sale in July 2008. On that occasion, Goldman Sachs was advising the government minister responsible, but the process was abandoned as the global financial crisis made it impossible to get an offer with which the government could be satisfied.

The Tote was first placed on the market back in 1989, but with a major budget deficit the government will perhaps be a lot keener to sell the operation and derive some income from the deal.

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