Paddy Power Bets £19m On McGranaghans

A famous firm of Irish bookmakers, Paddy Power has bought Belfast-based McGranaghan Racing.

The deal - believed to be for £19m sterling sees the bookie chain entering the Northern Ireland market for the first time.

McGranaghan Racing's eight betting offices are located in Belfast city centre, west Belfast and the city suburbs of Holywood and Glengormley.

The company was established in 1952 and currently employs 50 staff, all of whom will be retained by Paddy Power.

"Acquisition is the necessary route into this interesting market and McGranaghan's is an ideal entry point for Paddy Power," commented the company's Chief Executive Patrick Kennedy.

He said the company will invest a 'seven-figure' sum refitting the Belfast shops with all the offices trading under the Paddy Power brand name by July.

In counterpoint, luck was out for those 'betting on a winner' with a gamble on the Irish Stock Market yesterday, with Paddy Power shares down 29 cents to €21.90 in Dublin - despite the expansion news being revealed.


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