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PADDY POWER BETFAIR are set to cut up to 650 jobs

06 April 2016

PADDY POWER BETFAIR are set to cut up to 650 jobs from their 7,200-strong workforce as part of their aim to achieve £50million of cost savings after their merger in February. Up to 300 jobs will be cut in Ireland, with another 350 positions under threat in Britain as the company restructures and removes duplication of roles within the two businesses, although it is hoped some staff can be redeployed. In the prospectus sent to shareholders of Betfair and Paddy Power in November it was stated the companies believed around 50 per cent of the estimated cost savings would come from a reduction in headcount. 

Staff were told the news on Monday with areas affected including legal, HR, marketing, technology, trading and risk. The company will have staff in single offices in both Britain and Ireland. The British base will be at Hammersmith in London with the Betfair site in Stevenage, which was home to a range of departments including customer services, socialmedia, monitoring and settling of betting markets, set to close. Staff at Betfair’s office in Ringsend, Dublin will move to Paddy Power’s headquarters in Clonskeagh while those at Paddy Power’s Euston office in London will move to Hammersmith. 

The moves are expected to be completed by August. Workers in Paddy Power’s betting shop estate as well as the company’s operations in Australia and the US are unaffected. Job losses had been flagged up when the two companies reported their latest set of results as single companies last month. They said that “as part of achieving the £50m of identified cost synergies from integrating the two businesses it will be necessary to rationalise some duplicated roles”. It is understood staff will be offered statutory redundancy entitlement and four weeks’ pay for every year of service. The news follows a number of changes within the top management at the merged company, with last month’s announcement of the departure of chief operating officer Andy McCue the most high-profile exit. Paddy Power Betfair shares ended the day at 9,665p, down 95p

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