| City chairman sees value increase by a third in last 12 months |
Peter Coates has seen his fortune increase from £300m to £400m over the past 12 months as Bet365 and Stoke City continue to be recession busters.
Coates, 71, saw the increase on the back of record figures for Bet365 and has seen him rise from 23rd to 14th in the Birmingham Post Rich List, one of the few risers on this years list.
In is five years since Coates sold his Provincial Betting Shops for £40m to concentrate on the running of the newly founded internet company Bet365, where he and son John own a quarter each and daughter Denise, whose idea it was to start the company, owns the other 50%.
That decision continues to prove a clever one as this year saw sales turnover climb over £250m for the first time with record profits expected of between £40m and £50m. In 2009 the company also passed the £1bn turnover mark since the company began. Bet365, essentially the owner of the Potters, is now valued at nearly £400m and continues to grow and grow, already the countries biggest bookmakers. |
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