Potential buyers for Hacketts bookmakers approach liquidators

Potential buyers for some of Hackett’s betting shops have approached the liquidators that took over the business yesterday.

The High Court appointed Declan McDonald and Ken Tyrrell of PWC as provisional liquidators to Hacketts Bookmakers, yesterday at the request of its directors.

The liquidation resulted in the loss of 35 jobs and the closure of the chain’s 18 betting shops in Dublin, Cork, Limerick and across the midlands, which are likely to be sold.

It is understood that a number of potential buyers have already expressed interest in some of the properties, although it is not known if they are rival bookies or other businesses.

Hacketts sold 15 betting shops to Paddy Power a number of years ago as part of a plan to save the business under which it closed a further 26 outlets.

Paddy Power has committed to paying any outstanding winnings due from Hacketts to its customers through its betting shops. The liquidators had not calculated the final amount due to be paid out yesterday but it is understood to be small.

Paddy Power’s agreement stems partly from the fact that the two businesses had a good relationship but it is thought the move will help it recruit new customers to its business.

It is not believed to have expressed interest in any of the Hacketts shops at this stage, but the liquidators are likely to approach both it and other players in the market such as Boylesports and Ladbrokes, in an effort to sell the shops.

Hacketts’ biggest creditors are its own directors, including managing director, John Hackett, who loaned money to the chain in recent years in an effort to support it.

The 35 staff will receive their redundancy entitlements from the Department of Jobs, Enterprise and Innovation social fund. Hacketts had a number of trade creditors, including those who provided live racing to its shops, but the amounts due to them are understood to be small.

The directors will have to provide a full statement of affairs, detailing the company’s liabilities and assets, to the court in coming weeks.

In a statement, Mr Hackett said that it was with “deep regret” that the directors decided to place the business in liquidation.

The betting-shop business struggled with increased competition from mobile and online and the 1 per cent turnover tax on all wagers placed in its shops.

Mr Hackett also singled out restricted opening hours in comparison to 24 hour online access and a general reduction in the average customer bet in shops that followed the recession in 2008.

Originally founded by Cyril and Monica Hackett over 50 years ago, the business expanded from its Midlands base up to a peak of 65 shops nationwide, with a turnover of €134 million and a workforce of 160.