Following its review of Ladbrokes Ireland’s examinership, Irish independent bookmaker Boylesports confirmed that it would prepare a €25 million bid to take over the troubled retail betting division.
A Boylesports spokesman confirmed the pending bid to newspaper the Irish Independent, despite the operator losing its legal challenge to gain sensitive insight regarding Ladbrokes Ireland’s performance.
It is believed that Boylesports is prepared to invest up to €25 million in order to kick start the business division, with the operator taking over a number of Ladbrokes betting stores following its examinership review.
Boylesports Founder and CEO, John Boyle commented on the planned bid
“Obviously, we’re disappointed with the court judgment. But we remain committed to making a bid for Ladbrokes and to welcoming the Ladbrokes shops into Ireland’s fastest growing and most exciting bookmaking chain,”
Ladbrokes Ireland had sought to enter an examinership in April in order to safeguard its loss-making operations, the division had stated that it aims to close up to 60 of 196 Irish retail properties.
To date Boylesports has been the only market competitor to show real interest in acquiring Ladbrokes Ireland. If the operator succeeds in its plans, it will add a further 188 betting shops to its 208 shop retail portfolio. Boyelsports would gain a 40% market share of Ireland’s high-street bookmakers (total -952 betting shop – Irish Bookmakers Association).