Business

Monday 23 October 2017

Ladbrokes shake-up continues as Chairman quits

Bookmakers like Ladbrokes in Ireland are finding it difficult to keep their shops open due to increasing overheads
Bookmakers like Ladbrokes in Ireland are finding it difficult to keep their shops open due to increasing overheads

Britain's second biggest bookmaker Ladbrokes has announced its Chairman Peter Erskine is to step down this year, marking the latest management change after a new chief executive was appointed in March.

Mr Erskine, who has been in the role since 2009, said that with new CEO Jim Mullen in place he felt it was the right time for a change in chairman.

Mr Mullen has been tasked with managing a retail business under tough regulatory pressures and with improving its offering in the increasing popular online market where Ladbrokes has lagged rivals.

Mr Erskine consistently spoke out in support of Ladbrokes' former chief executive, Richard Glynn, when he came under fire for the poor performance of the bookmaker's digital division.

An examiner was appointed by the High Court to the Irish operations of the UK gambling firm last week.

The company is currently trying to restructure its Irish arm, which has seen its profits slide in recent years. The firm is expected to close 60 shops and cut about 250 jobs.

Ladbrokes employs 840 people in Ireland and operates 196 shops. It said last month that the division made a €5m loss.

Ladbrokes' chief executive Jim Mullen said the Irish division required "radical change" and had "lost its competitive edge".

Online Editors

Also in Business