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Eastwoods bookies in £135m sale Eastwoods bookies in £135m sale
(about 1 hour later)
The Eastwoods chain of bookmakers in Northern Ireland has been bought by Ladbrokes in a deal worth £135m.The Eastwoods chain of bookmakers in Northern Ireland has been bought by Ladbrokes in a deal worth £135m.
Ladbrokes has bought 54 Eastwood shops, making it Northern Ireland's largest gambling outlet with 70 shops in total.Ladbrokes has bought 54 Eastwood shops, making it Northern Ireland's largest gambling outlet with 70 shops in total.
Eastwood's was established in the 1950s by Barney and Frances Eastwood and is Northern Ireland's best-known bookmaker with shops in most towns.Eastwood's was established in the 1950s by Barney and Frances Eastwood and is Northern Ireland's best-known bookmaker with shops in most towns.
Joe Lewins of Ladbrokes Ireland said there were no plans to reduce the 300 staff employed by Eastwoods.Joe Lewins of Ladbrokes Ireland said there were no plans to reduce the 300 staff employed by Eastwoods.
Mr Lewins, the company's managing director, said: "We are investing and growing in Northern Ireland and this will mean new opportunities for the workforce.Mr Lewins, the company's managing director, said: "We are investing and growing in Northern Ireland and this will mean new opportunities for the workforce.
"Leading edge technology will be installed and the full Ladbrokes service will follow. All UK racing will be part of the service.""Leading edge technology will be installed and the full Ladbrokes service will follow. All UK racing will be part of the service."
Ladbrokes already has 16 outlets in the northwest, acquired when it bought Northwest Bookmakers two years ago.Ladbrokes already has 16 outlets in the northwest, acquired when it bought Northwest Bookmakers two years ago.
The betting business is a fast-changing one and we believe Ladbrokes were the best company to take the business forward in Northern Ireland BJ EastwoodThe betting business is a fast-changing one and we believe Ladbrokes were the best company to take the business forward in Northern Ireland BJ Eastwood
Ladbrokes' purchase also includes the Eastwood telephone betting business headquartered in Belfast.Ladbrokes' purchase also includes the Eastwood telephone betting business headquartered in Belfast.
It is already the largest bookmaker in the Republic of Ireland, where it operates in 201 locations.It is already the largest bookmaker in the Republic of Ireland, where it operates in 201 locations.
The £135m price tag is thought to include goodwill payments and a leaseback of the freehold properties.The £135m price tag is thought to include goodwill payments and a leaseback of the freehold properties.
Barney Eastwood said: "Ladbrokes is a world-leading name in betting and all our staff can be reassured that they will be investing in the business and offering more opportunities.Barney Eastwood said: "Ladbrokes is a world-leading name in betting and all our staff can be reassured that they will be investing in the business and offering more opportunities.
"The betting business is a fast-changing one and, having talked to several companies, we believe Ladbrokes were the best company to take the business forward in Northern Ireland.""The betting business is a fast-changing one and, having talked to several companies, we believe Ladbrokes were the best company to take the business forward in Northern Ireland."
Mr Eastwood said the company had come a long way from humble beginnings.
"We started in 1954 in Carrickfergus in a bottling store, which was the first shop that we had," he said.
"Everyone bets - they love a bet, and they are fearless at times."