Branson plots Camelot deal
SIR Richard Branson will enter the running to take over National Lottery operator Camelot in a “people’s lottery” run separately from his Virgin group, CityA.M. can confirm.
Sources close to Branson said that the tycoon, who has made two previous attempts to take over the lottery, would be interested in making a bid, but was still waiting to see a sales prospectus from Greenhill and Rothschild, who are managing the sale on behalf of the shareholders.
If the high-profile tycoon does join the fray, it would not be under the Virgin umbrella, the source said, but as a not-for-profit venture, or “people’s lottery”.
He is understood to have approached several charities to sound them out about a partnership to take over one of four 20 per cent stakes in Camelot that have become available.
Thales, Fujitsu, Cadbury and De La Rue have all put stakes up for sale, although Royal Mail has said it will hold on to its remaining 20 per cent.
Any shareholder acquiring more than 29.9 per cent of Camelot must make an offer for the whole company and any successful bid needs to be approved by the Lottery Commission.
Each stake is valued at around £80m, for a business which makes an annual profit of around £30m.