Ireland to drag down bookies
While the main reason for that will be its aggressive investment plan aimed at improving its core UK digital and retail channels; the group is also braced for a pre-tax exceptional hit of between £75m and £85m due to its Ireland operations going into examinership in April and impairments relating to its Northern Irish and UK businesses.
The examiner in charge of Ladbrokes’ operations in the Republic, Ken Fennell of Deloitte, late last month told creditors that he favoured a rescue plan from Ladbrokes’ management over a potential takeover of operations by Boylesports, regarding the future of the Irish business. A finalised rescue plan is due to be put to the High Court next week.
