The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Arts / Entertainment Arts, Entertainment And Culture Gambling And Betting Activities 92 - Gambling and betting activities
250 - 300 jobs Number of planned job losses
Announcement Date
5 April 2016
Employment effect (start)
5 April 2016
Foreseen end date
Description
Betting firm Paddy Power is to cut up to 300 of its employees from its staff level in Ireland, on account of a recent merger with Betfair.The roles, concentrated in Paddy Tower in Dublin, will be across legal, finance, HR, as well as technology, trading and risk. As many as 300 jobs will go, due to overlap with the operations in Betfair, a rival betting firm that has recently merged with Paddy Power. Some staff may be able to avail of redeployment to other positions at Paddy Power.
In 2015, Paddy Power's workforce in Ireland was 2,570. The combined workforce of Paddy Power and Betfair across Ireland the UK now stands at 7,200. Redundancy terms on offer are 4 weeks' pay per year of service, plus statutory entitlements of two weeks' pay, with the possibility of a further annual bonus.
The firm's last restructuring was a business expansion in 2013.
Sources
5 April 2016: The Irish Times
5 April 2016: RTE
5 April 2016: Silicon Republic.com
Citation
Eurofound (2016), Paddy Power, Merger/Acquisition in Ireland, factsheet number 86894, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/86894.
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