UK bookmaker Betfred is understood to have joined Boylesports in expressing an interest in acquiring Ladbrokes’ troubled Irish business.
According to the Irish Times newspaper, sources close to the discussions have revealed that Betfred may have declared an interest in the Ladbrokes Ireland business since it was placed in examinership earlier this year.
Ladbrokes announced in March that it was to undertake a review of its Irish arm after it suffered heavy year-on-year losses in 2014.
The bookmaker is currently working on a rescue plan with High Court-appointed examiner Ken Fennel, under which up to 60 of its betting shops in Ireland could close, with 250 people losing their jobs.
However, Irish independent bookmaker Boylesports has shown an interest in taking on the business and was last week granted permission by the High Court to submit motions challenging the examinership and serve notice of its intention to Ladbrokes Ireland, Fennel and their legal team.
Throughout the process, reports have suggested that an unnamed third company has also expressed an interest in acquiring the business.
Sources have now named Betfred as the third bidder, although the bookmaker is yet to confirm its role in the process or whether it will actually submit an offer.
The process will continue this Friday when Boylesports’ challenge will be heard by the High Court.
Ladbrokes and Fennel will argue that the group’s existing rescue proposals are preferable to those put forward by Boylesports.
source : www.igamingbusiness.com
