Irish independent sports betting operator Boylesports has purchased four betting outlets from fellow bookmaker Hackett’s Bookmakers after the latter company’s directors placed it in liquidation in June.
Boylesports acquired the shops from Declan McDonald and Ken Tyrrell of PricewaterhouseCoopers. The two have been appointed as liquidators by the High Court.
Local media reported that all four betting outlets will be rebranded as belonging to the Boylesports brand and will be reopened immediately. The company confirmed its latest acquisition and also said in a statement that it comes as part of its €4-million, three-year renovation program, which it has recently launched across its network of betting shops. Including the four new outlets, Boylesports now manages 212 betting shops across Ireland.
Boylesports Head of Retail Jenna Boyle commented that they were very saddened by the news about Hackett’s Bookmakers’ liquidation as Ireland had lost a bookmaker that had been an indispensable part of the country’s sports betting landscape for the past 50 years. Ms. Boyle further noted that the Irish bookmaking market is currently among the most highly competitive ones in the world.
Hackett’s Bookmakers was founded half a century ago by Cyril and Monica Hackett. Originally a family business, it had expanded into a chain of betting shops across Ireland. At its peak, the company managed 65 outlets nationwide and employed more than 160 people. At that time, it generated turnover of more than €130 million.
Over the past several years, the business has faced numerous serious challenges, with directors trying to restructure it by shuttering 26 shops and selling other 15 to major gambling operator Paddy Power.
News about Hackett’s Bookmakers liquidation spread in June. Directors pointed out that the reduced role of retail sports betting in the Irish gambling market and the growing competition from online and mobile betting channels were two of the most important reasons for the business’ condition and for their decision to place it in liquidation.
Up until recently, Hackett’s Bookmakers managed 18 betting shops and had turnover of €30 million. As a result from the liquidation 35 people employed at the outlets lost their jobs.
