A total of 35 jobs will be cut as Ireland’s largest independent bookmaker Hacketts goes into liquidation. This has seen the remaining 18 of its betting shops closed down.
The family business, which was first founded by Cyril and Monica Hacket over 50 years ago, had a turnover of €30m (£24m) but it has been stated that numerous factors such as increased taxes and online betting’s continual rise played a major part in its downfall.
Declan McDonald and Ken Tyrrell of PwC have been appointed as the joint provisional liquidators to the company.
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.”
In recent times attempts were made to save the business; 26 stores were closed and a further 15 sold to Paddy Power, but the company has now had to call it a day.
Paddy Power has agreed to honour outstanding bets from Hacketts customers.