Cenkos boss eyes move on UK bookmaker Tote-paper

LONDON, Jan 6 (Reuters) - Andy Stewart, chairman of stockbroker Cenkos Securities (CNKS.L) and a racehorse owner, is considering a move on state-owned bookmaker The Tote, he was quoted as saying in the Independent on Sunday newspaper.

A racing-industry consortium put forward a bid last year but was forced to reduce its price to 330 million to 340 million pounds in September as the credit crisis hit backers Lloyds TSB (LLOY.L) and worries about consumer spending started to bite.

Stewart told the paper he would use an accelerated initial public offering, taking ownership of the Tote before swiftly floating the business on London's AIM junior market, but said he would leave the government with an unspecified "large" stake.

"The numbers we have run suggest it is probably worth about 260 million pounds. Even 320 million looks wildly optimistic because conditions in the market have changed with the credit crunch," Stewart was quoted as saying.

"We would be happy for the government to retain a significant stake, and floating the Tote would enable the racing public to take a stake in the business." A spokeswoman for the Department of Culture, Media and Sport said the government was still considering the consortium bid and declined to comment on any overtures from Stewart.

"No decision has been made," she said. "Our focus is on the consortium bid".

A betting industry source told Reuters last month that the government would in January announce plans to run an open auction for the Tote over the next six to 18 months. (Reporting by Clara Ferreira-Marques; Editing by David Cowell)