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Advantage Capital puts its money on bookies

North East bookmaker Pagebet is set to expand its number of betting shops after attracting a multi-million pound investment from Advantage Capital.

Pagebet founders Austin Carney and David Archer have just completed a deal with Advantage Capital to fund a major expansion in both Pagebet Bookmakers, the chain of betting shops, and Pagebet Ltd, the telephone and internet betting business.

David and Austin said: “This investment by Advantage Capital is critical in that it gives us a real war chest on which to draw in order to see out our business plan. We aim to have in excess of 100 branches across the North and the Midlands and to become a top six bookmaker within two years.”

Martin Bodenham and Trevor Jones of Advantage Capital said: “We are delighted to be backing two proven money-makers in the acceleration of their growth plans. Austin and Dave are serial entrepreneurs. Last year they sold a 44 branch betting shop business to Gala Coral, having built it up over 18 years. Already, within 12 months of restarting they will have built a chain of 50 betting shops, so growing to more than 100 over the next two years is well within their abilities.”