page_title: Ladbrokes Coral
section_title: History
hierarchical_section_title: Ladbrokes Coral / History
caption_attribution_description: English: Ladbrokes in South Street
context_page_description: Ladbrokes Coral is a British betting and gambling company. It is based in London. It previously owned the Hilton hotel brand outside the United States, and was known as Hilton Group plc from 1999 to 2006. In November 2016, Ladbrokes acquired Gala Coral Group, and changed its name to Ladbrokes Coral.
  The company was listed on the London Stock Exchange, and was a member of the FTSE 250 Index, until it was acquired by GVC Holdings in March 2018.
context_section_description: The company was founded by Messrs. Schwind and Pennington in 1886, as commission agents for horses trained at Ladbroke Hall in Warwickshire. The name Ladbrokes was adopted in 1902, when Arthur Bendir joined the partnership, and operations were moved to London.
  Ladbrokes' London offices were first in the vicinity of the Strand, moved to Hanover Square in 1906 and, in 1913, to Six Old Burlington Street, Mayfair. From 1913 to 1956, Ladbrokes' clientele was exclusively drawn from the British aristocracy and upper classes, many of whom were members of the elite gentlemen's clubs in the St James's area of Central London.
  Unusually for the times, Ladbrokes' principal longtime representative on British racecourses was a woman, Helen Vernet. Having joined the firm in 1919, she was made a partner in 1928 and remained with the firm until shortly before her death in 1956, at the age of 80.
  Following the end of World War II, Ladbrokes' fortunes were in steady decline, thanks to an austere postwar economic climate, a dwindling client base, and reluctance to change the firm's specialised approach to bookmaking. As a result, in 1956 the company was acquired by Mark Stein and his nephew Cyril Stein for a reported £100,000.
  In 1961, the government legalised betting shops under the Betting and Gaming Act. As managing director, Stein used profits from the business's traditional areas to establish a chain of betting shops. The company first diversified outside of the betting business by taking a major stake in the Dragonara Palace in Malta, a casino and hotel, which opened its first phase in 1964.
  In 1967, Ladbrokes was floated on the London Stock Exchange. From 1967 to 1973, Ladbrokes' retail betting business grew from less than 50 shops to 1,135, and the company expanded its ventures to include bingo clubs, hotels under the Dragonara brand, casinos in London, holiday centres, and real estate investments.
  In 1975 Ladbrokes moved into racecourse management by purchasing Lingfield Park. This was followed by the acquisitions in 1976 of Perry Barr Stadium and Totalisators and Greyhound Holdings, which owned six greyhound racing stadia at Brough Park, Crayford & Bexleyheath, Leeds, Gosforth, Willenhall and Monmore. Arthur Aldridge, formerly of the Greyhound Racing Association, joined Ladbrokes as Racing Director.
  The company was rocked by scandal in 1979 with the exposure of illegal marketing schemes at its London casinos, including the bribery of a police officer to obtain information about high rollers at competing casinos. As a result, Ladbrokes was forced to close its four casinos in London, which accounted for roughly 40% of the company's profits.
  Ladbrokes acquired Texas Homecare, a chain of DIY stores, in 1986. In October 1987, it acquired Hilton International from Allegis Corporation for £645 million, gaining 91 hotels and the rights to the Hilton brand outside of the United States. Ladbrokes acquired Vernons Football Pools in 1989.
  Stein retired in January 1994, under pressure from investors because of the company's rising debts and losses. Under new management, Ladbrokes focused on its core areas of hotels and gambling, and began to divest other parts of its business. Texas Homecare was sold to Sainsbury's in January 1995 for £290 million.
  Ladbrokes' extensive portfolio of commercial and residential real estate, valued at £1 billion in 1993, was sold off in pieces and by March 1997 was down to £70 million. As part of its redoubled focus on gambling, Ladbrokes returned to casinos in September 1994, with a £50 million purchase of three clubs in London, which it stated was the first step in building an international casino business.
  In September 1998 Ladbrokes purchased Coral, a chain of betting shops with 891 locations, from Bass plc for £363 million. The UK Government, however, ordered Ladbrokes to sell Coral after the Monopolies and Mergers Commission found that the acquisition was anti-competitive. 
  The Coral business, except for 59 shops in Ireland and Jersey, was sold in a management buyout financed by Morgan Grenfell Private Equity
caption: A Ladbrokes branch in Worthing (2010)
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