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Ladbrokes staff are braced for job losses

12 March 2015

Ladbrokes staff are braced for job losses with the company this week expected to announce the closure of around 50 betting shops as the government's latest tax regime for the industry continues to bite, writes Graham Green.

Following last December's introduction of point of consumption tax on remote betting and gaming, which is expected to raise in the order of £300 million for the Treasury this year, Ladbrokes, with more than 2,200 high street sites, have decided it is necessary to make further savings by shutting outlets no longer considered financially viable.

Together with William Hill and Coral, the sector's brand leaders have already announced more than 200 shop closures over the past year, during which Ladbrokes have axed about 50 from their retail estate.

according to press reports, Richard Glynn, Ladbrokes' outgoing chief executive, is set to announce the latest batch of closures when reporting the company's annual results on Thursday.

Analysts at Morgan Stanley have forecast a six per cent rise in sales to £1.2 billion, but a seven per cent drop in earnings before interest and tax to £129m.

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