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Eastwoods bookies in £135m sale Eastwoods bookies in £135m sale
(about 3 hours later)
The Eastwoods chain of bookmakers in Northern Ireland has been bought by Ladbrokes in a deal worth £135m.The Eastwoods chain of bookmakers in Northern Ireland has been bought by Ladbrokes in a deal worth £135m.
Ladbrokes has bought 54 Eastwood shops, making it Northern Ireland's largest gambling outlet with 70 shops in total.Ladbrokes has bought 54 Eastwood shops, making it Northern Ireland's largest gambling outlet with 70 shops in total.
Eastwood's was established in the 1950s by BJ and Frances Eastwood and isNorthern Ireland's best-known family bookmaker with shops in most towns. Eastwood's was established in the 1950s by Barney and Frances Eastwood and is Northern Ireland's best-known bookmaker with shops in most towns.
Joe Lewins of Ladbrokes Ireland said there were no plans to reduce the 300 staff employed by Eastwoods.Joe Lewins of Ladbrokes Ireland said there were no plans to reduce the 300 staff employed by Eastwoods.
Mr Lewins, the company's managing director, said: "We are investing andgrowing in Northern Ireland and this will mean new opportunities for theworkforce. Mr Lewins, the company's managing director, said: "We are investing and growing in Northern Ireland and this will mean new opportunities for the workforce.
"Leading edge technology will be installed and the full Ladbrokes service willfollow. All UK racing will be part of the service." "Leading edge technology will be installed and the full Ladbrokes service will follow. All UK racing will be part of the service."
Ladbrokes already has 16 outlets in the northwest, acquired when it bought Northwest Bookmakers two years ago.Ladbrokes already has 16 outlets in the northwest, acquired when it bought Northwest Bookmakers two years ago.
The betting business is a fast-changing one and we believe Ladbrokes were the best company to take the businessforward in Northern Ireland BJ Eastwood The betting business is a fast-changing one and we believe Ladbrokes were the best company to take the business forward in Northern Ireland BJ Eastwood
Ladbrokes' purchase also includes the Eastwood telephone betting businessheadquartered in Belfast. Ladbrokes' purchase also includes the Eastwood telephone betting business headquartered in Belfast.
It is already thelargest bookmaker in the Republic of Ireland, where it operates in 201locations. It is already the largest bookmaker in the Republic of Ireland, where it operates in 201 locations.
The £135m price tag is thought to include goodwill payments and a leaseback ofthe freehold properties. The £135m price tag is thought to include goodwill payments and a leaseback of the freehold properties.
BJ Eastwood said: "Ladbrokes is a world-leading name in betting and all ourstaff can be reassured that they will be investing in the business and offeringmore opportunities. Barney Eastwood said: "Ladbrokes is a world-leading name in betting and all our staff can be reassured that they will be investing in the business and offering more opportunities.
"The betting business is a fast-changing one and, having talked to severalcompanies, we believe Ladbrokes were the best company to take the businessforward in Northern Ireland." "The betting business is a fast-changing one and, having talked to several companies, we believe Ladbrokes were the best company to take the business forward in Northern Ireland."