Bookmaker Ladbrokes is to retain 144 shops nationwide and continue to employ over 700 people in Ireland following the High Court's approval of its rescue plan on Tuesday.

The UK bookmaker, which entered the examinership process in April in order to restructure the business, will now close 52 of its 196 outlets while about 90 people will leave the business as a result of a voluntary redundancy scheme.

Jackie Murphy, retail director, Ladbrokes (Ireland) Limited said, "We are pleased that the process is now almost complete and the business has will soon be exiting examinership. Throughout this process we have always maintained that our company provided the best option for the future stability of the Irish business. We will now have a sustainable cost base for the company, allowing us to grow a competitive business based in Ireland, run from Ireland, which invests in Irish sport and supports the Irish economy."

Ms Murphy said that more jobs will be retained than was anticipated, and that the bookmaker will still be represented in almost every town throughout the country which had a Ladbrokes presence before this process began.

Ladbrokes expects the examinership process for its Irish trading subsidiaries - Ladbroke (Ireland) Limited, Ladbroke Leisure (Ireland) Limited and Dara Properties Limited (Ladbrokes Ireland) - to be completed shortly.