Acquisition

RNS Number : 3188V

Paddy Power plc

27 May 2008

 

Paddy Power plc Acquires Belfast Bookmaking Chain

Paddy Power plc has acquired McGranaghan Racing, an eight shop Northern Irish bookmaking chain for a consideration of £19 million. These units, which will represent Paddy Power's first betting shops in Northern Ireland, are located in Belfast city centre, west Belfast, and suburban Belfast. 

Commenting on the acquisition, Patrick Kennedy, Chief Executive of Paddy Power said:

'McGranaghan's has a similar business model to our own, employing a very competitive offering to drive very high shop turnover and profitability. Acquisition is the necessary route into this interesting market and McGranaghan's is an ideal entry point for Paddy Power.'

ENDS

27 May 2008

Issued on behalf of Paddy Power plc by Drury Communications Ltd

For reference:

Patrick Kennedy        Jack Massey

Chief Executive      Finance Director

Paddy Power plc      Paddy Power plc

Tel: + 353 1 404 5912      Tel: + 353 1 404 5912

Billy Murphy / Sarah Ryan   Drury Communications Ltd   Tel: + 353 1 260 5000   Mobile: + 353 87 676 7452 (SR)

Trevor Phillips Square1 Consulting Limited Tel: + 44 20 7929 5599 Mobile: + 44 7889 153 628

 

END

 

 

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