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 - Gambling and betting activities
650 jobs Number of planned job losses
Announcement Date
5 April 2016
Employment effect (start)
5 April 2016
Foreseen end date
1 April 2017
Description
Paddy Power and Betfair, two large betting companies, have undergone a merger, which was completed in February. They have announced 650 job losses from the new company; 350 in the UK, 300 in Ireland. Those in the betting shops will not be affected, but legal, HR, finance, technology, and trading divisions will be reduced as duplicated roles are restructured out. There will also be relocations, with two new offices being located in Clonskeagh, Dublin, and Hammersmith, West London. These will replace previous Dublin and London offices in Ringsend and Euston respectively, and an office in Stevenage, Hertfordshire will close, with some roles moving to Dublin and Malta. The company currently has 588 stores in the British isles - 336 in thw UK and 252 in Ireland - as well as a large online operation. The merger reflects a growing trend of consolidation in the industry, with Ladbrokes and Coral merging last July, and SportingBet purchasing BWin.
Sources
5 April 2016: The Guardian
5 April 2016: BBC (online)
5 April 2016: Daily Telegraph
Citation
Eurofound (2016), Paddy Power Betfair, Merger/Acquisition in European Union, factsheet number 86952, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86952.
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