Leading betting firm Paddy Power will close 57 of its shops across the UK and Ireland, leaving almost 250 jobs at risk.
The stores will shut within the next month after staff were informed of the decision this week, parent company Flutter said.
It blamed the cuts on “increasing cost pressures and challenging market conditions” and said affected staff would be “offered redeployment opportunities where possible”.
The closures will leave 247 workers at risk of redundancy, including some 128 in the UK, with 29 UK stores and 28 stores in Ireland being axed, out of a total of more than 600 Paddy Power shops.
A Flutter UK and Ireland spokesperson said: “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.”
While the closures aren’t directly related to uncertainty surrounding the upcoming budget, a higher gambling tax – which is reportedly under consideration by Chancellor Rachel Reeves – could have “a significant impact” on the industry, Flutter added.
Such a tax would “drive more customers into the open arms of unlicensed operators on the illegal, black market”, Flutter’s spokesperson added.
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