Ladbrokes and Coral may have to offload stores as condition of merger

Ladbrokes and Coral may have to offload 350 to 400 high street stores as a condition of their proposed £2.3 billion merger, the Competition and Markets Authority has said.

The CMA found that the merger could "result in a substantial loss of competition" in the gambling market at both a national and local level.

In a report detailing its provisional findings, the antitrust regulator's inquiry chairman Martin Cave said: "We've provisionally found that the merger between two of the largest bookmakers in the country may be expected to reduce competition and choice for customers in a large number of local areas.

"Although online betting has grown substantially in recent years, the evidence we've seen confirms that a large number of customers still choose to bet in shops - and many would continue to do so after the merger."