Following last week’s granted review of Ladbrokes Ireland examinership by bookmaker Boylesports, Irish business news sources have reported that Manchester independent bookmaker Betfred is studying a potential rival bid for the troubled retail betting division.
The Irish Times had revealed Betfred as the third bidder in the ongoing examinership, however the newspaper has questioned whether Betfred governance will place a firm offer. The bookmaker has been discreet with regards to a rival bid for the troubled division, unlike Boylesports who have publically stated that they are willing to invest an eight figure sum in the division, should they be granted approval for takeover.
Ladbrokes Ireland who are currently under examinership protection from creditors, has appointed auditor Deloitte to serve as examiner for the division. The operator has stated that it aims to close up to 60 of 196 Irish retail properties.
Ladbrokes UK and Deloitte have put forward a rescue package to the Irish High Court, Ladbrokes has stated that its terms will offer better conditions than those put forward by Boylesport bid.
Boylesports has responded to Ladbrokes claims, by challenging their examinership process, on the grounds that it was designed to keep the division under ownership of Ladbrokes UK.
Last Thursday Boylesports were 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.
Boylesports bid for the division is set to be reviewed this Friday by the Irish High Court