Paddy Power Betfair to cull 650 UK and Ireland jobs
Gaming giant will close three offices as part of ?50m cost synergies across the combined firm
Paddy Power Betfair plans to cut up to 650 jobs in the UK and Ireland and close three offices, including PowerTower in London, as it looks to streamline the business post-merger.
In an email sent to employees, and seen by eGaming Review, Paddy Power Betfair CEO Breon Corcoran said it was a “necessary step to create one efficient business”.
“With the appointment of senior leaders now largely complete, we’re staring work on the detailed design for each function at the next level,” Corcoran said.
The decision to reduce its current 7,200-strong workforce and close offices is part of planned ?50m cost synergies announced pre-merger.
The move is expected to impact 350 jobs in the UK, while a further 300 are at risk in Ireland with the cuts focused on positions that are duplicated across the enlarged group.
Corcoran said there was “still work to do” regarding the approach to employee restructuring and the roles that will be affected.
“We will seek to redeploy staff across the business where possible. Where not, we commit to treating employees fairly and to supporting them in their transition,” Corcoran wrote.
Paddy Power Betfair will establish a single office in both the UK and Ireland in a bid to “enable more effective collaboration” between its teams.
In the UK, Paddy Power’s office in Euston Square will be closed and staff moved to Hammersmith, which will become its new London base.
The betting giant also plans to close its Stevenage office with roles transitioned to other locations, with customer operations moved to Malta and Exchange operations to Dublin.
In Dublin, the firm plans to transfer employees working in its Betfair Watermarque office in Ringsend to Paddy Power HQ in Clonskeagh.
“There are no plans for further office closures at this time, although we will continue to review our structure across Europe on an ongoing basis to ensure we are as effective as possible,” Corcoran added.
The chief exec also said the restructure would not impact its retail division, or its TVG horserace wagering business in the US and Sportsbet in Australia.
The news comes shortly after Paddy Power Betfair COO Andy McCue made a shock exit from the firm just months after the merger completed.
Paddy Power Betfair declined to comment on this story.