BusinessBusiness RecoveryPaddy Power and Ladbrokes buy insolvent Roar’s betting shops

Paddy Power and Ladbrokes buy insolvent Roar's betting shops

Administrators from Leonard Curtis sell nine out of ten betting shops of insolvent chain Roar

An insolvent chain of betting shops has been sold by administrators to two of
the gaming industry’s biggest brands.

Five of ten outlets of Roar Betting have been sold to Paddy Power, by
administrators Neil Bennett and Michael Healey of Leonard Curtis.

They sold another two to Ladbrokes. One of Roar’s former directors is taking
on two of the shops, while the last store will be closed.

The deals will save 31 jobs out of 41.

Roar had £59m of turnover for year end 31 December 2009, but losses in some
of the shops saw the businesses enter administration.

“This has been an excellent outcome in terms of numbers of jobs saved. We
wish all parties every success with their new businesses,” said Bennett.

Further reading:

Sheffield
Wednesday faces winding up order over tax bill

Miss
Sixty administrators accused of misconduct

Deloitte
administrators urge Dubai World creditors to accept deal

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