27th May 2008 14:06
Paddy Power plc Acquires Belfast Bookmaking Chain
Paddy Power plc has acquired McGranaghan Racing, an eight shop Northern Irish bookmaking chain for a consideration of £19 million. These units, which will represent Paddy Power's first betting shops in Northern Ireland, are located in Belfast city centre, west Belfast, and suburban Belfast.
Commenting on the acquisition, Patrick Kennedy, Chief Executive of Paddy Power said:
"McGranaghan's has a similar business model to our own, employing a very competitive offering to drive very high shop turnover and profitability. Acquisition is the necessary route into this interesting market and McGranaghan's is an ideal entry point for Paddy Power."
ENDS
27 May 2008
Issued on behalf of Paddy Power plc by Drury Communications Ltd
For reference:
Patrick Kennedy Jack Massey
Chief Executive Finance Director
Paddy Power plc Paddy Power plc
Tel: + 353 1 404 5912 Tel: + 353 1 404 5912
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Billy Murphy / Sarah Ryan Drury Communications Ltd Tel: + 353 1 260 5000 Mobile: + 353 87 676 7452 (SR) |
Trevor Phillips Square1 Consulting Limited Tel: + 44 20 7929 5599 Mobile: + 44 7889 153 628 |
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