Paddy Power, Ireland’s largest Bookmaker, has expanded into the Northern Irish retail sector with the acquisition of a leading independent bookmaker in the Greater Belfast area, McGranaghan Racing. This chain of eight licensed betting offices (LBO’s) will now be added to Paddy Power’s existing estate of 183 LBO’s in the Republic of Ireland and 58 in London.
McGranaghan Racing was established in 1952 and currently employs 50 staff, all of which will be retained by Paddy Power. Three of the eight LBO’s are located in Belfast City Centre, three in West Belfast, and two in the Belfast suburbs of Holywood and Glengormley. The consideration for the acquisition was £19 million.
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. The estate has an attractive mix of different locations and like Paddy Power is a punter focused business which promotes a very competitive and attractive offering that will drive both footfall in our shops and increased profitability throughout our company”
Patrick Kennedy continued: “Over the past decade, punters in Northern Ireland have already experienced significant exposure to the unique brand offering of Paddy Power through our phone and online betting services. This opportunity to ground and compliment our brand with a bricks and mortar presence is very exciting and we look forward to bringing our unbeatable range of products and service throughout Greater Belfast. We’ll be investing a significant seven-figure sum refitting the Belfast estate with all shops trading under the Paddy Power brand name by July.”