BUSINESS

Tatts confirm TOTE purchase

TAGs: Australia, Tatts Group, Tote Tasmania

tattsTatts Group has confirmed a deal to buy TOTE Tasmania has gone through and maintains that job losses are inevitable. It was announced to the stock exchange that a $103 million deal has gone through with Tatts taking the TOTE off the hands of the state government. It secures the TOTE’s long-term future as far as punters are concerned but this is little comfort to those losing their jobs.

TOTE general manager Bruce Houston stated that jobs were lost as “there were roles that were identical to our business”. Union bosses estimate that around 130 people will lost their occupation but from what TOTE bosses are saying the deal was crucial so that there weren’t any jobs left at all.

Of the parts of the business to disappear, TOTE Sport Radio will be sorely missed as racing broadcasts will now come from Brisbane’s 4TAB with almost everyone at the Hobart station losing their jobs. None of this means that Tatts is planning to abandon the business though. Far from it.

“We didn’t buy it to run it into the ground, we bought it to grow the business first and foremost,” Houston explained. “What Tatts delivers is long term certainty for the TOTE and for Tasmanian punters.”

Not running it into the ground means that Tatts will refurbish outlets throughout “Tassie” and spend approximately $8 million doing so. By forking out “a bit of dough” they’ll be hoping the punters continue to flock through the doors and their decision to buy the struggling business vindicated.

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