Celtic Bookmakers Goes Into Receivership
One of Ireland’s largest independent bookmakers, Celtic Bookmakers, has been placed into receivership.
Celtic Bookmakers was founded in Wexford in 1987 by Ivan Yates, a former Irish government minister. Celtic runs an estate of 49 betting shops (47 in Ireland and 2 in South Wales).
An “unsustainable” fall in the company’s revenues in the last three years has been cited as the reason for the company’s failure. It is reported that revenues have fallen by as much as 50% since 2007. Celtic had tried to mitigate the loss of revenues by closing 12 loss-making shops.
237 people are employed by Celtic, although some jobs might be saved if the shops can be sold quickly as a going concern.
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