UK Tote looks to bid for Stanley shops

British betting operator Tote was today said to be working on a deal aimed at scuppering William Hill’s chances of buying 600 betting shops from Stanley Leisure.

The state-owned group is understood to have hired investment bank Lazard to help it draw up an offer, according to the Sunday Times.

William Hill said last Monday that it was considering a bid worth more than £500m (€733m) for the estate of Liverpool-based Stanley.

The bookmaker said it was in exclusive discussions with Stanley while it examined the business – although analysts said at the time that they expected it to face competition.

It is thought the Tote hopes to link up with a private equity group and create a vehicle especially for a bid.