LADBROKES Ireland exited court protection yesterday (Friday) following the High Court’s approval of the survival plan put forward by the examiner appointed to oversee the company’s future.

The bookmaker will maintain a total of 144 shops nationwide after the process, down from almost 200. That would see them retaining their presence in nearly every town across Ireland in which they have been trading.

Some 34 shops had closed before the examinership, leases on 29 were repudiated and leases on 52 others were renegotiated.

Ladbrokes Ireland will continue to employ over 700 employees and 90 people will leave the business. All of these are understood to have opted for the voluntary redundancy scheme proposed during the examinership.

Parent company Ladbrokes UK is to invest €12.8 million in the restructured Irish arm, €3.8 million to pay debts, €5 million to provide working capital and €4 million for capital expenditure.

Preferential creditors are to be paid in full while the dividend for trade creditors will be 89% and for landlords 19%.

Ladbrokes Ireland sought court protection from debtors earlier this year following several years of declining profits, which resulted in a loss after interest and tax of over €5 million in the last financial year.