|The largest bookmaker in Ireland, Paddy Power, is poised to become just as big in Northern Ireland following its acquisition of McGranaghan Racing for $37.4 million.|
McGranaghan is a leading independent bookmaker in the Belfast area with 50 employees established in 1952 and the purchase includes its chain of eight licensed betting offices. These will be rolled into Paddy Power’s portfolio of 183 betting shops in Ireland along with its 58 venues in London. Paddy Power stated that McGranaghan’s employees would be retained with the shops re-branded under its own moniker within the next two months.
“McGranaghan’s has a similar business model to our own, employing a very competitive offering to drive very high shop turnover and profitability,” said Patrick Kennedy, Chief Executive for Paddy Power.
“Acquisition is the necessary route into this interesting market and McGranaghan’s is an ideal entry point for Paddy Power. The estate has an attractive mix of different locations and, like Paddy Power, is a punter-focused business that promotes a very competitive and attractive offering that will drive both footfall in our shops and increased profitability throughout our company.
“Over the past decade, punters in Northern Ireland have already experienced significant exposure to the unique brand offering of Paddy Power through our phone and online betting services. This opportunity to ground and complement our brand with a bricks and mortar presence is very exciting and we look forward to bringing our unbeatable range of products and service throughout greater Belfast. We’ll be investing a significant seven-figure sum refitting the Belfast estate with all shops trading under the Paddy Power brand name by July.”