Online shift blamed as bookmakers Hacketts enters into liquidation
Published 22/06/2016 | 02:30
Hacketts bookmakers have announced the company has been placed in liquidation after over 50 years in business after struggling to keep up with the industry wide-shift to online.
The company said it had tried to restructure the business by closing 26 outlets and selling 15 of its stores to Paddy Power, which will honour any winning betting slips still held by punters from across the chain.
The restructuring effort reduced the number of stores in the chain to 18, employing 35 people, and with a turnover of around €30m.
In a statement, managing director John Hackett said that "the business has struggled in recent years due to several factors, including the significantly reduced role of retail betting in the overall betting market, increased competition in mobile and online betting, flat rate betting tax of 1pc on turnover, restricted opening hours in comparison to 24-hour online access and a general reduction in the average customer bet in retail shops after the recession in 2008".
He thanked staff, suppliers and customers for many years of loyal service and business.
All remaining Hacketts stores have been closed with immediate effect and Declan McDonald and Ken Tyrrell of PwC appointed as joint provisional liquidators, who will look to sell the remaining assets.