Ladbrokes Irish retail business restructure has come under fire, following complaints of ‘derisory’ compensation for landlords of closed retail premises.
A group of Irish landlords is set to join forces and challenge Ladbrokes retail closure terms, claiming that the operator should pay a higher fee for terminating its lease agreements.
Following last month’s review of its loss making Irish retail betting operations, Ladbrokes has outlined the closure of 60 of its 196 Irish betting stores. April saw the appointment by the Irish High Court of auditing firm Deloitte as examiner for Ladbrokes Ireland.
Landlords who have been affected by the closure of Ladbrokes retail enterprises, have claimed that the operator will only pay a fraction of the sum of the multi-year premises agreements.
Ladbrokes Ireland has stated that it will pay rent for the closed premises up to the end of July or the end of the examinership. The operator is being advised on the matter by commercial property firm Harrington Retail.
The operator further warned if its terms were not accepted by the landlords within seven days, the company would ask the High Court to allow it to deny the lease agreements.