Can You Hear The Roar As Paddy Power Acquire Five Shops In London ?
Top Irish Bookmaker Paddy Power have acquired five shops in London from independent bookmaker Roar Betting .
The acquisition takes the Irish layer’s total number of shops in Britain to 106 and rescues the jobs of twenty one Roar staff who faced an uncertain future .
Roar started opening new licences in the capital in 2006 and invested heavily in contemporary shop fits and design . The shareholders will have incurred a substantial loss on the transaction but this was preferred to continuing to trade as it is understood the business needed a further substantial capital injection to continue trading.
The sale reflects the difficulties facing independent operators in a difficult macro economic climate with falling revenues from the main product ,horse racing, and costs that have risen dramatically in the last three years and are set to continue rising .
For Paddy Power already established as a top brand in the UK and Ireland these shops are immediately cash generative and the economies of scale enjoyed by the big operators will allow them to accelerate their programme of shop openings in the UK to a new target of 150 by the end of 2011 .
Paddy Power also operate a large telephone betting operation and a hugely popular internet site through which they have become synonomous with some very generous offers and promotions particuarly cash back incentives .
Paddy Power also promote free bets and novelty bets and amongst many crazy items , they are currently offering odds on when social networking site Facebook will reach 1 Billion Users . For those who fancy a long term flutter 5/1 for 2014 or later looks good value !