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Littlewoods Pools, one of the most famous names in the betting industry, is to be sold by the Liverpool-based Moores family in a deal worth £161 million.
The business, founded in 1923, is being bought by the reclusive multi-millionaire leisure tycoon Trevor Hemmings, a former bricklayer who owns the Blackpool Tower, The Winter Gardens and an 800-strong pub chain.
The new owner said today that the business would remain in Liverpool and there would be no job losses among its 600-strong workforce. At its peak, Littlewoods Leisure employed more than 5,000 people and had sales of £750million and profits of more than £30 million.
However, it has been hard hit by the launch of the National Lottery in 1994 and sales last year were £211.4 million, down from £236million. Profits were down from £20.3 million to £20 million.
Littlewoods, Britain's biggest privately-owned company, was first set up as a pools business by the late Sir John Moores. Its home shopping business was launched in 1932 and the first Littlewoods store opened its doors in
1937. The group signalled its intention to sell the pools and leisure side some months ago and there had been hopes in the City that the business would raise £250million.
Littlewoods chairman James Ross said today he was "very pleased" with the price of £161million, adding: "This is an excellent deal."
He said the cash would be used for expansion of the leisure business, possibly by buying some of the C&A stores now on the market.
The business, founded in 1923, is being bought by the reclusive multi-millionaire leisure tycoon Trevor Hemmings, a former bricklayer who owns the Blackpool Tower, The Winter Gardens and an 800-strong pub chain.
The new owner said today that the business would remain in Liverpool and there would be no job losses among its 600-strong workforce. At its peak, Littlewoods Leisure employed more than 5,000 people and had sales of £750million and profits of more than £30 million.
However, it has been hard hit by the launch of the National Lottery in 1994 and sales last year were £211.4 million, down from £236million. Profits were down from £20.3 million to £20 million.
Littlewoods, Britain's biggest privately-owned company, was first set up as a pools business by the late Sir John Moores. Its home shopping business was launched in 1932 and the first Littlewoods store opened its doors in
1937. The group signalled its intention to sell the pools and leisure side some months ago and there had been hopes in the City that the business would raise £250million.
Littlewoods chairman James Ross said today he was "very pleased" with the price of £161million, adding: "This is an excellent deal."
He said the cash would be used for expansion of the leisure business, possibly by buying some of the C&A stores now on the market.