Betfred has announced plans to close 132 shops and cut more than 600 jobs starting next month. The gambling firm attributed the decision to higher taxes and economic uncertainty.
Consultation launched
The company confirmed it has begun a consultation process regarding the closures, which will affect more than a tenth of its betting shop estate. Following the closures, Betfred will operate approximately 1,100 shops across the UK.
Betfred was established by brothers Fred and Peter Done in 1967. The pair hold an estimated combined wealth of £3.61 billion, according to the latest Sunday Times Rich List.
Tax increases cited
The planned closures follow tax increases unveiled by the previous chancellor, which Fred Done branded the "biggest threat" to the sector in his 57 years. Measures outlined in last year's autumn budget included an increase in remote gaming duty from 21% to 40%, alongside a new online sports betting duty of 25%, covering all sports excluding horse racing, set to take effect from 2027.
Betfred also pointed to additional pressures from other tax rises, including the increase in National Insurance contributions and adjustments to thresholds.
CEO statement
Jo Whittaker, chief executive of Betfred, said: "It is with deep regret that we have today started a consultation with colleagues working in more than 130 of our shops regarding a proposal to close those locations."
"We have tried hard to protect all our sites and the colleagues who work in them, but the combined impact of higher employer National Insurance contributions, wage inflation, increases in gambling taxes and wider economic uncertainty has left us with no choice."
"These are well-run shops, staffed by dedicated colleagues, and it is incredibly hard to see any of them close, but the current fiscal and regulatory environment has made it impossible to keep trading all our shops. Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate."
Impact on Wales
Betfred currently has multiple betting shops across Wales including in Cardiff, Swansea, Neath and Rhyl. As the consultation for each individual store is underway it has not yet been announced which locations will be affected.
