Stanley to hand back €488m

STANLEY LEISURE is to hand back €488m to shareholders after the sale of its chain of bookmaking shops to rival William Hill.

The company said yesterday that the return of capital would be worth around 375 cent per share and would be structured to allow shareholders decide whether they wanted the money in the form of income or capital.

More details will be announced when the group releases annual results next month. The firm also said yesterday that John Whittaker, managing director of the Betting Division, would resign as a director at a boardmeeting next month.