Betfred wins race for Tote after upping bid to £265m

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Betfred owner and chairman Fred Done pronounced himself "thrilled". He said: "Buying the Tote has been an ambition for years, so I am absolutely delighted."

The Government-owned Tote has been due for privatisation for years. A rival offer from a consortium led by Sir Martin Broughton seemed to have stronger support from the racing trade but Betfred claims it has won over most dissenters.

Chief executive Barry Nightingale said: "We have been reaching out to racing. Once we were allowed to go public with our bid a lot of misunderstandings disappeared. A lot of people came on to our side."

An increased amount of cash may have helped. A few weeks ago the Betfred deal was valued at just £200 million.

The new offer will see Betfred pay £150 million initially and a further £115 million over the length of a seven-year licence to operate pools betting on UK racecourses.

Betfred is also taking on Tote debt of £60 million and putting £25 million into its pension fund. The Tote's 517 stores will be rebranded Betfred but the staff's jobs are safe, says Nightingale.

The Tote brand will be kept at racecourses. The enlarged group will have 1350 stores and employ 9000.