Celtic Bookmakers has gone into receivership, despite the best efforts of former Fine Gael minister Ivan Yates, as revenue halves over three years.
Yates, who currently hosts the weekday breakfast show on Newstalk but who will now take a three-week break from his broadcasting job to deal with issues relating to the receivership, said he had done everything possible to save his company.
But in the end he blamed the drop in disposable income and said that trying to keep things going was like “trying to catch a falling knife”.
The company has 47 betting shops in Ireland, employing 237 people. There are also two Celtic Bookmakers shops in Wales.
Yates says that he believes that a number of the shops remain viable and hopes that the jobs of more than 100 of those employed can be saved.
Some of the shops will be sold by the AIB-appointed receiver, whereas others will be closed in the coming days.
At its peak, the company was making a profit of €4million per year but currently has bank debts of around €6million, plus rents owing to landlords.
All bets currently held with Celtic Bookmakers will be honoured.
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