Bookie heading for £920m float

BOOKIE William Hill will be valued at between £814m and £1bn when it floats next month. The firm, which has more than 1,500 betting shops in the UK, will see its shares priced at between 190p and 240p on flotation, giving it a mid-point value of £920m.

Including debts of more than £500m, it has a mid-point 'enterprise value' - made up of equity and debt - of £1.4bn. William Hill said it intended to raise around £340m from the flotation.

Chief executive David Harding said the share offer would give new investors and staff 'a unique opportunity to invest in a pure play major UK bookmaker'.

'We believe William Hill is exceptionally well positioned to benefit from the positive developments affecting the gambling industry, which offers significant opportunities for further growth both organically and through acquisition,' he said. 'Following the flotation, William Hill will have greater access to capital, allowing it to play a leading role in the development of the UK gambling industry as opportunities arise.'