Flutter UKI has announced plans to close 57 Paddy Power shops across the UK and Ireland, after a review of the high street estate. As a result, almost 250 staff are at risk of redundancy. Of the closures, 28 shops will close in Ireland, 28 in the UK and 1 in Northern Ireland.
The company has confirmed that impacted colleagues will be offered redeployment opportunities where possible. However, it’s expected that the closures will unfortunately lead to some job losses. Flutter told ReadWrite that it is consulting closely with colleagues and providing support to those affected by these changes.
“In light of increasing cost pressures and challenging market conditions, we can confirm that we will be closing 28 shops across Ireland within the next month,” said a Flutter UKI spokesperson. “We are continually reviewing our high street estate, but it remains a key part of our offer to customers, and we are seeking to innovate and invest where we can as we adapt to different customer trends and needs.”
Why are Paddy Power shops closing?
Flutter put the reason for the shop closures down to challenging market conditions, with rising financial pressure in the UK coming from National Insurance fees, energy costs, and tough trading conditions. A spokesperson for the company also highlighted that, while worries around rising taxes are not directly responsible for the closures, greater financial pressures could lead to more closures and job losses not just at Flutter-owned businesses but across the industry.
“While today’s closures are not directly related to the uncertainty surrounding the Budget, a higher gambling tax could have a significant impact on jobs and investment across the industry and drive more customers into the open arms of unlicensed operators on the illegal, black market,” they said.
Indeed, Paddy Power is not the only UK brand to face closures, with William Hill also announcing one in 10 shops will be forced to close.
Featured image: Wikimedia Commons, licensed under CC BY-SA 4.0
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