Ladbrokes cuts 300 jobs and shuts 60 stores as it battles "significant headwinds"
Ladbrokes will cut around 300 jobs as 60 high street bookies shut their doors this year with more closures to come, outgoing chief executive Richard Glynn has said.
The bookmaker, facing “significant headwinds” from a new online gaming tax and rising betting machine duty, had 2,209 stores at the end of last year.
The latest round of closures comes after 89 were shut in 2014.
“I think it’s highly likely there will be more store closures going through into 2016... there’s no doubt about it - the additional tax and regulatory headwinds have pushed more shops into the bracket that needs examining,” Glynn said.
Ladbrokes is “searching thoroughly” for a successor to Glynn - ousted last year - according to chairman Peter Erskine.
The company, which has battled to turn around its online offering, saw pre-tax profits fall 14% to £98 million in 2014 despite a decent World Cup as the bookies took a battering in January last year and at Christmas.
A host of favourites winning on Boxing Day cost Ladbrokes £8.1 million, which took “some of the shine off”.
The key digital business saw operating profits jump 70% to £14 million last year although more punter-friendly results in early this year have hindered progress.
