Betfred plans to close 132 locations, impacting more than a tenth of its betting shops – leaving the firm with around 1,100 shops across the UK
More than 600 jobs are to be lost with Betfred planning to shut 132 shops from September.
The company said it has launched a consultation over the closures, which will hit more than a tenth of its betting shops.
The move will leave Betfred with around 1,100 sites across the UK.
Warrington-based Betfred was founded by brothers Fred and Peter Done in 1967. The pair have an estimated wealth of £3.61 billion, according to the most recent Sunday Times Rich List.
Jo Whittaker, chief executive of Betfred, said that the shops are “well-run” with “dedicated colleagues”. But, he claimed the company has been left with no choice other than to close them due to economic pressures and taxation.
She said: “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.”
Rival gambling operators Paddy Power and William Hill have also shut dozens of stores over the past year.
In January, William Hill and 888 owner Evoke said it moved “quickly and decisively” to offset recent budget changes to gambling taxes through shop closures and cost cuts.
Last October, Paddy Power revealed plans to shut 57 betting shops across the UK and Ireland, in a move which put 250 workers at risk.
The closure plans come on the back of tax increases announced by the previous chancellor.
Measures announced in last year’s autumn budget saw an increase in remote gaming duty from 21 per cent to 40 per cent, while there will also be a new online sports betting duty of 25 per cent, which will cover all sports except horse racing, from 2027.
Betfred also highlighted pressure from other tax increases including the rise in National Insurance contributions and changes to thresholds.
