Irish independent bookmaker Boylesports is lining up to buy Ladbrokes loss making Irish retail division. The division is currently under Irish High Court protection, following Ladbrokes appointment of examiner Deloitte in April.
Having recorded 2014 division losses of €5 million, Ladbrokes Ireland operations are currently being re-structured, with the operator outlining the closure of 60 of its 196 Irish betting shops.
Boylesports are reported to have approached Deloitte with regards to a potential take over of Ladbrokes Ireland. The operator is reported to have presented the auditor an alternative proposal regarding the closures and creditor terms.
Boylesports interest in Ladbrokes Ireland, comes a week after Irish landlords had complained about derisory’ compensation terms for their commercial premises following the announcement of closures.
The operator has warned Landlords that if their closure terms are not accepted, the operator will request the Irish High Court to allow it to deny the lease agreements. The operator is being advised on the matter by commercial property firm Harrington Retail.