High Court grants final approval of Ladbrokes Ireland rescue plan

Following a month long review of Ladbrokes rescue plan for its embattled Irish retail betting division, Ireland’s High Court has granted approval to the operators rescue plan, ending the examinership proceedings entered by Ladbrokes Ireland in April 2015.

Ladbrokes will be allowed to close 52 of its 196 Irish retail stores, the operator is set to keep 700 staff members in employment whilst offering a compensation package to those who have been made redundant.

The operator is set to put its rescue plan into action in the coming months, as it looks to reverse the performance of loss making retail division which recorded losses of €5 million in 2014.

The examinership of Ladbrokes Ireland, had seen Ladbrokes Plc (holding company) compete against a €25 million proposition from Irish independent bookmaker Boylesports. Following a review of business plans and strategy by auditor Deloitte, the parent company bid was favoured.

Jackie Murphy, Retail Director, Ladbrokes (Ireland) Limited commented on the High Court approval

“We are pleased that the process is now almost complete and the business has will soon be exiting examinership. Throughout this process we have always maintained that our company provided the best option for the future stability of the Irish business. We will now have a sustainable cost base for the company, allowing us to grow a competitive business based in Ireland, run from Ireland, which invests in Irish sport and supports the Irish economy.”