Yates’ Celtic gamble ends ‘in tears’

“I MADE the decision to expand. I gave up politics to drive this ambition to create a national brand, a family business, and it has ended in tears.”

With a personal debt of €6 million to the banks, the threat of bankruptcy and even the loss of his Dáil pension, former politician and now former bookmaker Ivan Yates has been forced to put his Celtic Bookmakers operation into receivership.

He is hopeful the receiver appointed by Allied Irish Bank, Neil Hughes of Hughes Blake Accountants, will be able to sell off some of the 47 shops around the country and two in Wales, saving at least 100 of the 237 jobs.