Scotbet enters receivership in FOBT cap aftermath

Scotbet enters receivership
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Bookmaker Scotbet Ltd has gone into receivership, as the April FOBT stake cap continues to endanger betting’s place on the UK high street.

 

The Scottish firm managed to secure the majority of its retail estate through a pre-pack deal which saw previous chairman John Heaton purchase the firm under the name Scotb123 Ltd, however 27 jobs will be lost through the closure of 11 shops.

“The business faced a number of changes to the trading landscape, like other businesses in the sector, and was unable to continue to trade,” said Paul Dounis, of RSM Restructuring Advisory, appointed joint receivers on 19 July.

“The sale of the business secures 127 jobs and it ensures continuity of the majority of the Scotbet shops. Regrettably this process has led to the closure of 11 stores, resulting in 27 redundancies.”

“This has been a very difficult time and I am particularly sorry for the staff in the branches which have closed,” said Heaton.

“Independent bookmakers have been hit hard by increased costs and the reduction of the FOBT stake was the straw which broke the camel’s back.”


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