The Irish gambling operator Boylesports has expressed its interest in acquiring the rival company Ladbrokes Ireland. However, Ladbrokes is making an effort to retain ownership of its Irish business.
Rescue Plan Undertaken
Ladbrokes is going to keep the ownership of its Irish business after a company’s rescue plan was favoured over a bid by a rival operator Boylesport.
According to the iGaming Business report, Ladbrokes was going to review its Irish business in March, owing to hefty losses in the division and has decided to undertake a rescue plan. The strategy has been developed by the bookmaker in cooperation with Ken Fennel, the High Court-appointed examiner. The plan would entail shuttering up to 60 of Ladbrokes’ betting shops across the country, which would end up rendering 250 people jobless.
The news of a bailout plan led Boylesports to declare their interest in buying the business while the bookmaker had requested the High Court for more information about its Irish operations. Though the request has been rejected, Boylesports opted to move ahead with a $27.7m bid for the Ladbroke’s Irish division this month.
However, the latest Fennel’s reports have informed creditors and stakeholders of Ladbrokes Ireland that the review favours the company’s rescue plan. The examiner is going to present a finalized plan to the High Court for approval until July 29. The scheme will require the support of at least a single group of creditors for Ladbrokes to move ahead.