High street giant to shut 29 stores across UK this month | UK | News

A popular betting giant is to make a series of closures this month, with stores closing.

Paddy Power is known for its range of popular betting shops serving customers across the UK. The company recently told employees it would close a total of 29 stores across the UK.

Paddy Power, owned by Flutter Entertainment, operates 608 betting shops in the UK and Ireland.

Business owners have warned that further tax rises in Rachel Reeves’ upcoming Autumn Budget could have a “significant impact on jobs and investment”.

Flutter Entertainment confirms 29 stores will close in the UK and 28 in Ireland Sun.

As reported by the Racing Post, a spokesperson for Flutter Entertainment said: “We are constantly reviewing our high street property but it remains an important part of our offer to our customers and we look to innovate and invest as much as we can whilst adapting to different customer trends and needs.

“While today’s closures are not directly related to the uncertainty surrounding the budget, a higher gambling tax could have a significant impact on jobs and investment in the sector, driving more customers into the arms of unlicensed operators on the illegal black market.”

The industry has struggled over the last decade with overall betting shop real estate in the UK and Ireland falling by a third in the last eight years.

While there were 9,977 stores in September 2017, there were only 6,668 stores left last month.

Another of Britain’s biggest betting shops also opposed possible changes to the budget.

Accordingly Business TopicsBritain’s second-largest betting company Betfred has warned it will close all 1,300 betting shops and cut 7,000 jobs if the government goes ahead with plans to double gambling taxes in next month’s budget.

Joanne Whittaker, Betfred’s chief executive, said the measures being considered by Chancellor Rachel Reeves would “eliminate high street betting shops” and threaten the future of Britain’s traditional gaming sector.