Victor Chandler ups the stakes as bookies dash for High St cash.

Byline: JIM ARMITAGE

VICTOR Chandler is planning a huge flagship betting shop in the City as part of a major expansion drive on Britain's High Streets.

Chandler bought the lease on a Grade I-listed bank building in Cornhill, last week.

Hit by the National Lottery and other scratchcard games in the early 1990s, the dapper bookie closed his chain of shops to concentrate on his trackside operation.

Then, in 1998, he led the exodus of UK betting firms offshore to avoid the onerous tax regime.

From his new base in Gibraltar, he built up a large international internet and telephone gambling business which continues to thrive despite the abolition of British betting in October 2001.

But now, with gambling deregulation triggering boom times among betting shops, Chandler is planning to open 50 this year, followed by 50 next year.

He is negotiating with planning authorities and English Heritage to refurbish the City bank building with mahogany panelling, lifts and other luxury decor including armchairs.

"It will be set on three galleried floors, with full uniformed waitress service offering free soft drinks and sandwiches. It will be the Rolls-Royce of the bookmaking industry," said development director John Trissler.

Chandler hired Trissler, himself a career bookmaker, specifically to build the UK business. In March, he bought Sports Bookmakers, a chain of 31 shops in London and the South-East. These are being transformed into Victor Chandler outlets.

The acquisition, for an undisclosed sum, is funded by cashflow from the Gibraltar operation.

Chandler's British shops will guarantee to pay out up to [pounds sterling]1 million - double the standard maximum at many High Street shops.

Trissler has recently been taking out advertisements in the Racing Post offering to buy betting shops. He has had responses from across the country which he expects will fuel his progress towards Chandler's expansion targets.

The current chairman is the third Victor Chandler to run the firm. His grandfather founded the operation in the 1920s.

The company remains committed to its operations in Gibraltar, which now employ more than 400 mostly multilingual staff, serving clients in 165 countries.

It is said to be the biggest private employer on The Rock.