| Eastwood Bookmakers, Northern Ireland’s biggest retail betting operator, has joined Ladbrokes betting empire and thus acquired additional 54 shops. The deal, including property leasebacks and goodwill payments, also involves the sale of the Eastwood telephone betting business. Eastwood chain was founded by BJ "Barney" Eastwood, the former boxing manager who guided Barry McGuigan to a world title.
The sum of the contract is estimated at about US $230 million. Investment experts assume that this deal sustains Ladbrokes’ retail over-investment trend. The size of Ladbrokes benefit from the deal was questioned by the analysts, as well as the true amount of the contract. As is known, shares in Ladbrokes have fallen over 30 per cent since last October.
Ladbrokes expects that now Northern Ireland assembly might legislate for Sunday opening of betting shops. Before the latest acquisition, presence of Ladbrokes in Northern Ireland has been limited to 16 shops which it bought in 2005.
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