Several Ladbrokes’ landlords say they will work together to get better terms from the bookmaker, which plans to close about one-third of its leases in a restructuring under an examinership.
Ladbrokes wants to close up to 60 of its 196 betting shops in Ireland. The landlords charge that Ladbrokes wants them to accept a fraction of what they are due under the leases in return for ending the agreements.
Letters from Ladbrokes to its landlords state that they have seven days to agree to its terms or it will apply to the High Court to be allowed to repudiate its leases, according to the Irish Times.
Ladbrokes Ireland is offering to pay the rent due on the shops it is planning to close up to July 29th or the end of the examinership, whichever is the later date, the Times said.
Meanwhile, according to reports, rival Boylesports is considering bidding for some or all of the Ladbrokes Ireland business by submitting an alternative plan to the examiner.
In another Ladbrokes story, the bookmaker said it will launch an internal investigation into how ads for the company appeared on an English website designed to help underage students with homework.
“Ladbrokes takes very seriously our responsibility to ensure our advertising not only complies with all relevant regulations, but that it also is placed in digital environments which are age and subject-appropriate,” the company said in a release. “We do this not as a matter of best placement for return on investment but we do this because it is the right thing to do.
“As to how one of our ads was placed on a site which is clearly age and subject-inappropriate we are still getting to the bottom of it,” the release said. “However we are glad this has been bought to our attention and we will be reviewing the rules in place within our buying platform.”
