Scotbet Bought Out By Management

This story was published more than 12 years ago.

According to a report by the BBC, the Scottish bookmaker Scotbet has been bought out by its management.

The company, which has an online presence in addition to 65 retail outlets has reportedly been for sale for about a year. Complete terms of the deal have not been disclosed, but it has been revealed that former CEO Kenny Waugh will not have a position at the company after the buyout.

The company's incoming Chairman John Heaton said that the buyout had been planned for close to a yer and that the company remains a solid investment, even with stiff competition from large sportsbooks Ladbrokes, Coral and William Hill. He also said, "There are a lot of offshore businesses which are very successful, but this company is licensed by the UK Gambling Commission with 65 high street outlets. This is a small, well-run group which is profitable and it's a good opportunity to expand."