Wednesday 25 April 2018

Ladbrokes' Irish arm set to get Examiner today

Ladbrokes boss Jim Mullen
John Mulligan

John Mulligan

An examiner is expected to be formally appointed by the High Court to the Irish operations of UK gambling firm Ladbrokes this morning.

Ken Fennell of Deloitte will be formally appointed to the role as Ladbrokes tries to restructure its Irish arm. The firm is expected to close 60 shops and cut about 250 jobs.

Mr Fennell was appointed interim examiner on April 21.

At this morning's High Court hearing, any creditor who's opposed to the examinership is entitled to be heard.

Ladbrokes employs 840 people in Ireland and operates 196 shops. It said last month that profits at its Irish business had been declining for years, and that last year the division made a €5m loss.

Ladbrokes' chief executive Jim Mullen has described the decision to apply for examinership in Ireland as "regrettable", but insisted it was necessary to safeguard the viability of the Irish business.

He said the Irish division required "radical change" and had "lost its competitive edge".

The examinership process can last up to 100 days.

Irish Independent

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