Flutter Entertainment Closes 21 Paddy Power Betting Shops in Ireland
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International gaming behemoth Flutter Entertainment has closed 21 Paddy Power-branded betting shops in Ireland as part of a campaign to cut overheads and improve the long-term financial future of its retail estate.
The Dublin-headquartered firm declared that the move followed a strategic review of its ‘high street estate’ and has involved venues in the well-known Irish communities of Galway, Kilkenny, Rathdrum and Templemore being shut.
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Prominent Presence
David Newton serves as Paddy Power Chief Commercial Officer for Flutter Entertainment and he revealed that the closures have left his division with 230 outlets across Ireland alongside a further 356 in the United Kingdom.
He also stated that the move impacted 78 members of staff although most are to be offered ‘redeployment opportunities across the remaining estate and in close proximity to their existing employment’.
“However, the closures will unfortunately lead to a small number of job losses,” Newton said. “We are consulting closely with colleagues and providing support to those affected by these changes.”
Healthy Financials
Flutter Entertainment disclosed in August that first-half revenues from its Irish and British retail business grew by 11% year-on-year to top €153 million ($186 million) thanks to 15% and 8% swells in the division’s first-and second-quarter takings respectively.
This pushed the arm’s adjusted earnings before interest, tax, depreciation and amortisation for the six months to the end of June up by 44% to €27 million ($32.8 million).
“This performance reflects share gains across our estate in both the United Kingdom and Ireland,” the Chief Executive Officer for Flutter Entertainment, Peter Jackson, said.
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Considered Commitment
Newton asserted the closures in Ireland bore ‘absolutely no reflection on our hard-working shop colleagues’ and that he is grateful to these individuals for their ‘service and professionalism during this difficult time’.
The boss moreover divulged that he is now focused on providing anyone impacted by the closures with support as ‘the majority of our estate continues to perform well and is growing market share’.
“As with all businesses in the retail sector, we regularly review our estate to ensure we are operating efficiently and meeting the evolving needs of our customers,” Newton said. “Indeed, a well invested retail estate remains a key component of our omnichannel strategy.”
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