Fears for hundreds of jobs here as examiner appointed at Ladbrokes
THERE are fears for hundreds of jobs at the Irish arm of UK betting group Ladbrokes after an interim examiner was appointed to the business here this afternoon.
The company’s operations have been losing money in Ireland and it has had the operation under preview for a number of weeks. Ladbrokes employs 840 people in Ireland across 196 shops.
"The action taken today by the directors of the Irish companies is to safeguard the Irish business which in its current state is not sustainable and cannot be supported by the Ladbrokes Board without radical change, having lost its competitive edge,” said Ladbrokes’ chief executive Jim Mullen.
"This step has been taken in the best long term interests of Ladbrokes Ireland, its employees, customers, partners and shareholders,” he said. “In entering the process, our aim is to build a sustainable and competitive business based in Ireland, run from Ireland, investing in Ireland and supporting the Irish economy and sporting industry while delivering for shareholders."
Ladbrokes said it has experienced several years declining profits in Ireland and last year lost €5m here.
But it insisted it would be “business as usual” for the chain while the examinership process is underway.
That process can last up to 100 days.
Jackie Murphy, retail director, Ladbrokes (Ireland) said: “Today’s action is the result of a detailed strategic review of our business here in Ireland, following a number of loss-making years.
"We are taking this action to safeguard our business and position it for future growth. The examinership relates solely to our retail operations and has no impact on Ladbrokes telephone and digital services.
"We are fully committed to work with all our staff through this difficult time and would hope that the vast majority of any necessary redundancies will be voluntary. It will be business as usual with shops taking and paying bets as normal while this process is ongoing.”