Boylesports who have shown interest in acquiring Ladbrokes Ireland retail division out of examinership, has been granted leave by the Irish High Court to raise questions regarding the divisions performance.
Boylesports has been permitted to serve short notice on Ladbroke Ireland Ltd; Ladbroke Leisure Ireland Ltd; Dara Properties Ltd by Ms Justice Mary Faherty. The operator has further been granted to enquire on examiner Deloitte’s intentions regarding Ladbrokes Ireland.
The approved leave by the Irish High Court will allow Boylesports senior management time to investigate Ladbrokes Irish properties and performance in the region before submitting a purposed deal for the division and its assets.
Ladbrokes Irish retail division is currently under examinership protection from its creditors. The operator has stated that it aims to close up to 60 of 196 Irish retail properties. Ladbrokes Ireland had sought an examinership in April to safeguard its loss-making operation.
Ladbrokes Ireland employs 840 people in Ireland across 196 shops, the division has struggled to make profits for a number of years. In February Ladbrokes had undertaken a strategic review of the division, hiring external trouble shooters to aid the divisions review.
However independent bookmaker Boylesports had approached Deloitte in April with a potential deal to acquire Ladbrokes Irish retail division, offering better terms to its creditors who had criticised Ladbrokes compensation with regards to property closures.