E&Y paid £825,000 for failed Tote sale
Bookmaker Tote to remain in public hands 'for the medium term'
Ernst & Young pocketed £825,000 to advise the government on the
privatisation of bookmaker Tote, a deal which was shelved last October.
Labour opted to retain ownership of Tote ‘for the medium term,’ despite twice
having promised to sell off Tote’s 529 betting agencies and monopoly on pool
betting to the racing industry.
On this occasion, no racing consortium was able to match the Government’s
£400m valuation, The
Telegraph reported. The nearest bid was £80m short.
Tote is not performing well in public hands. Its accounts show profit
declined to £8.7m in the year to March 2008, from £17m the previous year.