SBC News Ladbrokes to announce further betting shop closures

Ladbrokes to announce further betting shop closures

pensladbrokesLadbrokes Plc is set to announce the closure of up to 60 retail betting shops, bringing its net shop closures to 150 in the past twelve months. The bookmaker stated that the shop closures were inevitable as the bookmaker has been hit by new regulatory measures and additional tax charges relating to retail betting operations.

Ladbrokes Plc will announce the betting shop closures in its upcoming trading update on Thursday 26 February, it will be the third tranche of shop closures which will see the bookmaker reduce its retail betting portfolio to 2150 shops.

It appears that Ladbrokes retail strategy may not be compatible with the changes in regulatory requirements for UK highstreet bookmakers, as tax duty on machine games increase from 20 to 25% on 1 March.

In 2014 all major UK retail betting operators reviewed their retail betting operations and strategies. 2014 marked a black year for the retail betting industry as William Hill and Gala Coral announced UK shop closures (100 and 25 closures respectively).

Ladbrokes are further expected to give investors an update on their search for a new CEO to replace the outgoing Richard Glynn who announced he would step down in December 2014.

Check Also

SBC News XLMedia seeks new Chair to build on 2021 acquisitions strategy

XLMedia seeks new Chair to build on 2021 acquisitions strategy

XLMedia will initiate a recruitment process for a new Non-Executive Chairman, as Christopher Bell withdraws from …

SBC News Entain sells Betdaq back to Dermot Desmond

Entain sells Betdaq back to Dermot Desmond

Entain Plc has confirmed the sale of the online betting exchange Betdaq to former owner …

SBC News Winner Group & Sportium merger sees CIRSA transform its Colombia vision 

Winner Group & Sportium merger sees CIRSA transform its Colombia vision 

Blackstone-owned Grupo CIRSA has reorganised its Colombian market presence, allowing its Winner Group CIRSA casino …