Thirty-five jobs will be lost and 18 shops closed after the directors of Hacketts bookmakers decided to place the business in liquidation.
The family-run business said that it was “with deep regret” that the decision had been taken to wind up the business originally founded by Cyril and Monica Hackett more than 50 years ago.
At present, the company owns 18 betting shops which employ 35 staff and has a turnover of about €30m.
Declan McDonald and Ken Tyrrell of PwC has been appointed joint provisional liquidators to the company.
A number of factors including the rise of online betting and the imposition of a 1% betting tax have hit the chain and contributed to its demise, managing director John Hackett said.
“The business has struggled in recent years due to several factors including the significantly reduced role of retail betting in the overall betting market, increased competition in mobile and online betting, flat rate betting tax of 1% on turnover, restricted opening hours in comparison to 24 hour online access and a general reduction in the average customer bet in retail shops after the recession in 2008,” Mr Hackett said.
The directors have made efforts to restructure and save the business in recent years by closing 26 stores and selling a further 15 to Paddy Power.
An agreement has been reached with Paddy Power, which will honour outstanding bets from Hacketts customers through its network of betting shops.
Mr Hackett said that the directors would like to thank their staff, suppliers and customers on what is a “very sad day for the Hackett family”.
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