SBC News Paddy Power–Betfair aims for £25 million savings through labour reductions

Paddy Power–Betfair aims for £25 million savings through labour reductions

padybetUK newspaper The Sunday Times has reported that the merged enterprise of Paddy Power – Betfair will look to implement £25 million in cost savings in 2016 by significantly reducing headcount.

In September Paddy Power and Betfair governances’ had outlined a co-synergies’ savings target of £50 million, should their proposed merger receive its approval.

A circular published this weekend details that the operators’ expect to yield £25 million through labour reductions alone.

At present the combined workforces of Paddy Power and Betfair total 7000 employees worldwide. Paddy Power which operates both retail and online betting divisions, has its headquarters in Dublin, which are supported by regional commercial offices in London, Rome and Melbourne. The operator also runs a strategic development branch in Sofia Bulgaria.

Betfair runs its operations primarily from its HQ in Hammersmith London combined with UK operational hubs (Halifax, Stevenage). The company has operational centres in Malta, Gibraltar and Dublin. In April the operator announced that it had opened new technical development offices in the Romanian city of Cluj.

The newspaper did not detail which divisions would likely be affected by the merger.

On Friday the operators released short statements announcing that the planned £6.2 billion merger deal would be put to an ‘extraordinary shareholder’ vote set for 21 December.

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