Ladbrokes reviewing Irish business, fears of hundreds of job losses
UK betting group Ladbrokes is reviewing its Irish business after it made a loss here during 2014, it confirmed this morning.
The review raises fears for hundreds of jobs at the company’s Irish business. It operates 196 shops here.
Ladbrokes said that its operating profit in Ireland – including its business in Northern Ireland - tumbled 57pc to £4.4m (€6m) in 2014. The operation in the Republic of Ireland was loss-making, it said, and “did not deliver on its plan”.
“We have tasked our international team to undertake a fundamental review of our Republic of Ireland business during Q1 2015 to establish options to take this business forward,” the chain said.
A spokesman was not immediately contactable.
“Although Ireland's economy continues to improve we have seen a decline in profitability reflecting continuing highly competitive conditions in the Republic of Ireland,” the company added.
Ladbrokes said this morning that it will close an additional 60 shops in the UK after headline group profitability – which excludes exceptional items - fell 9.3pc to £125.4m (€171.5m).
Outgoing chief executive Richard Glynn said new management will focus this this year “on satisfying customer demands, improving the resilience of our retail estate, growing internationally and further improving our digital offer”.