24th Jun 2015 09:11
LONDON (Alliance News) - FTSE 250-listed bookmaker Ladbrokes PLC on Wednesday said it is to restructure its international operations, a day after the company revealed it had entered into merger talks with unlisted rival Gala Coral Group Ltd.
Ladbrokes said that following the restructuring of the international business, Damien Cope, the managing director of its international arm, will leave the business. A further nine roles in the international team also will be put at risk of redundancy.
Existing locally-based management teams will continue as normal, the company said.
Ladbrokes noted that its Irish business is currently subject to an examinership process in the country and plans for the unit are on hold until this completes.
"Our international businesses each have strong management teams and do not require extensive support from a centrally based International team. This move will reduce costs and bring the International businesses closer to our Exco team. The resulting savings will enable us to support the increased investment in our digital business which is essential to the future of the group," said Jim Mullen, Ladbrokes' chief executive.
Shares in Ladbrokes were down 3.6% to 134.9 pence on Wednesday morning, one of the worst performers in the FTSE 250, having gained 15% on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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