Court will let Boylesports question rival Ladbrokes Ireland

The High Court is due to hear Boylesports's full challenge to rival Ladbrokes Ireland's examinership next week.

Ladbrokes Ireland is working its way through a rescue plan for the loss-making chain with High Court-appointed examiner, Ken Fennell of Deloitte. It plans to close up to 60 of its 196 betting shops in the Republic and cut some 250 jobs.

The High Court yesterday agreed to allow rival Boylesports question aspects of the Ladbrokes Ireland examinership at a hearing on June 12th.

Boylesports, which is preparing a bid for the Ladbrokes Ireland chain, said the examinership was effectively designed to ensure that the business remained under the ownership of its UK parent.

Ladbrokes argues that the examinership is designed to save about 600 jobs in the Irish business and to ensure it has a long-term future.

Final bid

Boylesports says is it prepared to invest “an eight-figure sum” in the chain. However, it claims it has been prevented from accessing information it needs to formulate its final bid, which was originally due to be submitted to Mr Fennell today.

In an affidavit, Boylesports chief financial officer Michael Bent says the lack of information and tight deadline imposed for the final offer do not prejudice Ladbrokes UK, which he says is bidding against his company.

He says it is clear Ladbrokes UK had formulated a rescue proposal for the Irish business before the company originally sought to be put in examinership last April.

Mr Bent says the company has not been allowed access to information it needs, such as turnover in each of the Ladbrokes Ireland betting shops and details of leases.