Ladbrokes examiner backs parent’s rescue bid

Bookmaker Ladbrokes Ireland’s parent’s rescue plan for the troubled business has trumped alternatives proposed by rival Boylesports and others.

Kenneth Fennell, the examiner appointed by the High Court to oversee the rescue of Ladbrokes Ireland told creditors and other interested parties on Tuesday that he favours the plan put forward by the chain’s UK parent.

That proposal involves closing 60 out of 196 of its betting shops in the Republic, cutting 250 of its 840 jobs and repudiating a number of its leases.

Rival Boylesports made an alternative offer, valued at a reported €25 million, and said that it would close fewer shops and cut a smaller number of jobs.

Earlier this month the High Court turned down a request by Boylesports to be given information on betting turnover and volumes in each of Ladbrokes Ireland’s shops.

However, the company subsequently went ahead with its offer for the chain. Two other bidders, including British operator, Betfred, were also said to have expressed interest in the business.

The examiner has until July 29th to finalise the rescue plan bring to the High Court for approval. The scheme will need the support of at least one group of creditors.

The company’s overall parent, London-listed Ladbroke’s plc, is in merger talks with competitor Gala Coral.