Paddy Power Irish bookie's first shop in Scotland
This week’s opening in Cambridge Street, Glasgow, marked the chain’s arrival north of the border, with two more outlets to follow in the city’s Gilmour Street and Duke Street in the next few weeks.
The Dublin company, which already operates almost 200 shops in Ireland, said the expansion would create more than 400 jobs and involve an investment of £16m to £20m by 2011.
Chief executive Patrick Kennedy said: “Scottish punters have already experienced significant exposure to the unique brand offering of Paddy Power through our phone and online betting services. This move to ground and complement our brand with a bricks and mortar presence is very exciting and we look forward to bringing our unbeatable range of products and service to Scotland.”
Analysts at Collins Stewart said they had reduced their expectations for Paddy Power’s 2009 underlying earnings by about 30%.
But they believe it will end the year in a much stronger strategic position, saying that as conditions toughen, the group could benefit as independent shops fall by the wayside.
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