The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Arts / Entertainment Arts, Entertainment And Culture Gambling And Betting Activities 92.00 - Gambling and betting activities
350 jobs Number of planned job losses
Announcement Date
5 April 2016
Employment effect (start)
8 April 2016
Foreseen end date
8 April 2017
Description
Bookmaker and gambling provider Paddy Power Betfair has announced plans to cut 350 jobs from its UK operations. The jobs will be lost from the London and Stevenage offices. A further 300 jobs are to be cut from the company's operations in Ireland, as savings of GBP 50 million (€61.2 million) are sought. A mixture of voluntary and compulsory redundancies are expected, though it is being reported that some people may be redeployed within the organisation. The job changes are expected to occur over the next nine to twelve months.
Paddy Power bookmaker merged with online betting exchange Betfair in February 2016 and these job cuts are a result of the merger.
Eurofound (2016), Paddy Power Betfair, Merger/Acquisition in United Kingdom, factsheet number 86924, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86924.
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