Earlier this year, the Competition and Markets Authority (CMA) instructed Ladbrokes and Gala Coral Group to dispose of up to 400 betting shops ahead of a potential merger.

The two firms have now agreed to sell a total of 359 licensed betting offices, of which 322 will be purchased by Betfred for a cash consideration of £55m.

Jim Mullen, chief executive of Ladbrokes, said: "The sale of these shops will clear the last significant hurdle to delivering on the merger with Coral and paves the way for our focus on completion and quickly delivering on the opportunities the merger offers." 

StanJames (Abingdon) Limited, trading as Stan James, will acquire the remaining 37 properties for a cash consideration of £500,000.

Some 185 of the properties belong to Ladbrokes, while a further 174 are currently owned by Coral.

Ladbrokes and Coral are expecting to receive £29m and £26.5m for their respective portfolios.

The exchange of contracts is conditional upon approval from the CMA and the completion of the merger between Ladbrokes and Coral.

It is expected that the completion of the merger will occur in the near future.