Boylesports bids to view Labroke's books
A PROSPECTIVE bidder for the Ladbrokes chain of bookmakers claims it is being denied information necessary for it to make a competitive bid, the High Court heard.
Boylesports wants the court to order the examiner to Ladbrokes to provide information it says could help with its bid for the chain which in 2013 had a turnover of €449m, 196 shops and 840 employees. Court appointed examiner Ken Fennell and Ladrokes oppose the application.
Boylesports is seeking information including turnover by store for the last three years and the number of betting slips issued by each outlet in the period, the court heard.
Last April, Ladrokes sought court protection to allow it restructure its business and enable it trade out of financial difficulties.
Court appointed examiner Ken Fennell of Deloitte has to prepare a survival scheme to restructure its Irish business which includes Ladbroke (Ireland) Ltd, Ladbroke Leisure (Ireland) Ltd and Dara Properties Ltd.
It is proposed, as part of the restructuring to close around 60 of the stores.
A number of alternative buyers for the business have also emerged including John Boyle's Boylesports, which has 205 shops around the country. The case continues on Tuesday.