Boylesports hoping to take over Ladbrokes

Dundalk-based bookmakers Boylesports is hoping to take over the troubled Ladbrokes group in Ireland.

According to a report in today’s Irish Times, Boylesports has challenged Ladbrokes Ireland’s restructuring in the High Court, arguing that the process is effectively designed to prevent a takeover of the business.

Ladbrokes Ireland is working its way through a rescue plan for the loss-making chain with a High Court-appointed examiner, Ken Fennell of Deloitte. It plans to close up to 60 of its 196 betting shops in the Republic and cut some 250 jobs.

Boylesports intends to launch a bid for the entire company. It says this will involve an eight-figure investment and result in fewer shop closures, the preservation of more jobs and a better deal for creditors, including landlords who face the loss of rent on their properties.

Boylesports says it has not been given sufficient access to the information it needs from Ladbrokes Ireland to formulate an offer. At the same time, it points out that one of the competing bids is the chain’s UK parent.

On that basis, Boylesports maintains that the objective of examinership is to ensure the company remains under the ownership of Ladbrokes plc.