Jim Mullen – Ladbrokes & Coral are still ‘fierce competitors’

As forecasted by city analysts Ladbrokes Plc posted H1 2015 operating losses of £41 million, making for a somewhat downcast first corporate update by New CEO Jim Mullen.

However, the Scotsman feels upbeat about the operator’s future performance having called in a much needed review of its retail business division.

Under Mullen’s guidance Ladbrokes’ new executive team implemented a write-down of retail assets, which would see its operations hit with £51 million in charges. Mullen firmly believes that this is the medicine needed to turn around Ladbrokes’ ill form.

Mullen who has put in place a potential £2.3 billion merger with competitor Gala Coral pending the Competition & Markets Authority’s (CMA) approval, stated that Ladbrokes operations needed to up their game no matter the outcome.

Updating the media on the merger Mullen commented “We are preparing the framework for what we need to do and a team has been ring-fenced to look at that”. The CEO further informed that Ladbrokes had not received any feedback from the CMA.

Till the CMA approves the merger, Mullen stated that Ladbrokes would continue to view Gala Coral as a “fierce competitor” adding that “Ladbrokes would be looking to beat them in all products we compete in.”