Europe

Ladbrokes Ireland: Job loss fears as examiner appointed

Ladbrokes
Image caption Ladbrokes Ireland said the move was taken in its best long-term interests

The Irish division of Ladbrokes has been granted court protection to restructure its business following losses of 5m euros (£3.6m) last year.

Ladbrokes said job losses were expected at all levels of its operation in the Republic of Ireland, where it has 840 employees and 196 betting shops.

The company was granted High Court protection of an interim examiner while it attempts to deal with its problems.

Ladbrokes Ireland said the move was taken in its best long-term interests.

It said it wanted to restructure its Irish business "to create a sustainable competitive business which is currently being held back by real estate legacy issues".

Jim Mullen, overall CEO of Ladbrokes, said: "While regrettable, the action taken today by the directors of the Irish companies is absolutely necessary to safeguard the Irish business which in its current state is not sustainable and cannot be supported by the Ladbrokes board without radical change, having lost its competitive edge."

The move only affects the company's operations in the Republic of Ireland.

The company said its digital and telephone businesses would not affected, and shops would remain open during the examinership process.