Hacketts bookmakers has been placed in liquidation after over 50 years in business.
The company said it it had found it difficult to keep pace with larger competitors in recent years as the migration to online betting has intensified.
The company had tried to restructure the business by selling a number of its stores to Paddy Power.
The restructuring effort reduced the number of stores in the chain down to 18 from 35. Hacketts currently employs 35 people and has a turnover of around €30m.
In a statement, Managing Director John Hackett said “The business has struggled in recent years due to several factors including the significantly reduced role of retail betting in the overall betting market, increased competition in mobile and online betting, flat rate betting tax of 1pc on turnover, restricted opening hours in comparison to 24-hour online access and a general reduction in the average customer bet in retail shops after the recession in 2008.”
All Hacketts stores have been closed with immediate effect and PwC appointed as liquidators.
Paddy Power will honour any outstanding Hacketts customer bets.
Article Source: http://tinyurl.com/kbwqb42
Copyright 2015 GBW - All rights reserved - Website by Practicenet.ie