Boylesports, a leading gambling operator in Ireland has recently made some moves to buy out its competitor Ladbroke’s Ireland. Ladbrokes is one of the United Kingdom’s largest gaming companies but the Irish division of Ladbrokes’s is in financial difficulty. The company is restructuring its operations at the moment and has court protection while it carries out its restructuring plan. This plan involves Ladbrokes Ireland closing down 60 of its high street shops. There will be about 250 job losses with these shop closures although the company will still have 136 shops. Ladbrokes has stated that it hopes to lose as few jobs as possible.
Boylesports may put in a bid for Ladbrokes
Since the Irish High Court appointed a receiver to Ladbroke’s Ireland two months ago Boyle sports has been having talks with a view to putting in a bid for Ladbrokes. However Boylesports’ Chief Executive Officer and the founder of the company, John Boyle has not made any comment on an offer by his company to buy out Ladbrokes Ireland. Boylesports’ bid would have to offer Ladbrokes’ creditors better terms than any other bid for the company. Ladbrokes has a problem at the moment linked to the closure of 60 of its shops. Some of the owners of these leased shops are unhappy with the compensation Ladbrokes has offered them for the early termination of the shop leases. This problem may have to be dealt with by the High Court. Boylesports would most likely include shop closures in its offer to buy out Ladbrokes.
Since Boylesports is a competitor of Ladbrokes, if its bid is accepted it could be asked to close down some of its own shops. The Irish Commission for Competition and Consumer Protection would have to pass the sale since Boylesports already has quite a large market share in Ireland. If agreement is reached between Boylesports and Ladbrokes via the courts then the competition commission would look into the matter before any deal could be finalised.
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