Irish High Court grants Ladbrokes closure of 5 betting shops

The Irish High Court has granted Ladbrokes permission to close its leases on five premises in advance of its examinership rescue plan, which was submitted by the operator at the end of June

The repudiation of leases will see betting shops in Kilmacud Road, Ballygall Road and Finglas Town Centre (Dublin) John Street (Waterford) and Middleton (Cork) closed.

The Irish Times reports that the lessors of Finglas, Middleton and John Street shops have contested the closure, while there has been no representation on behalf of Ballygall and Kilmacud units.

The High Court has allowed Ladbrokes to terminate its leases, in order to ease the process of its rescue plan is set to involve the closure of 60 of its 196 Irish betting shops.

On 30 June the appointed examiner, Ken Fennell informed Ladbrokes Ireland creditors and other stakeholders that the examinership review favoured the plans put forward by the parent company.

The rescue plan would trump the €25 million bid put forward by Irish independent bookmaker Boylesports

Ken Fennell (Deloitte), will have until July 29th to finalise the survival plan before it comes back before the court for approval.