Paddy Power to axe hundreds of professional roles in Ireland

As many as 300 Paddy Power staff working in skilled roles across a range of departments are to lose their jobs as part the bookmaker’s €10bn merger with former rival Betfair.

It is understood that IT professionals are among those affected, as well as human resource and customer service staff.

None of the company’s retail stores will be affected by the job losses, however. The newly combined bookmakers business — Paddy Power Betfair — is said to be targeting areas of overlap between the two former rivals while also looking to consolidate its operations into a single location in both Ireland and the UK.

Consequently, the 300 or so Irish jobs will be shed from its headquarters in Clonskeagh, Co Dublin, while Betfair’s Irish staff are expected to move into the same premises. 

Similar action is being taken in the UK where 350 jobs will be lost across many of the same business functions as Ireland. The cuts, expected to be implemented over the coming three months, represent a reduction of close to a quarter in its Clonskeagh-based workforce. 

A little over a year ago, Taoiseach Enda Kenny attended an event at Paddy Power HQ to celebrate the company hiring its 5,000th employee.

Approximately half of its 2,750 Irish staff are based in Clonskeagh. Staff were informed of the “restructuring” decision on Monday.

Shares in Paddy Power Betfair were down 1.5% yesterday. One employee, who did not wish to be identified, claimed “the writing had been on the wall” for a while, as departing staff members had not been replaced. 

Staff will reportedly be offered four weeks’ pay for every year they have worked at the company in addition to their statutory redundancy.

The merger of Paddy Power and Betfair closed in February, having been first flagged in August 2015.

Andy McCue, the former chief executive of Paddy Power and the chief operating officer of the merged business, unexpectedly announced last month that he would leave the business at the end of April.


Lifestyle

Kya deLongchamps advises us to research, plan and keep our heads during online auctionsHow to keep your head during an online auction

Columnist and trained counsellor Fiona Caine offers guidance to a woman who’s growing resentful of her widowed mum’s needy behaviour.Ask a counsellor: My mother is so clingy since losing my dad – what can I do?

Amid all the uncertainty, this year’s London Fashion Week has quietly set about its task of asking how women will dress for the decade ahead, writes Paul McLauchlan.The trends you'll be wearing next season - from London Fashion Week

More From The Irish Examiner