Do Ladbrokes changes confirm age of austerity?

Do Ladbrokes changes confirm age of austerity?

Wednesday, June 24, 2015
Jim Mullen has backed the changes to the international set-up

Ladbrokes is making further attempts to streamline its business after announcing the departure of managing director international Damian Cope and changes to its global team.

The company’s chief executive Jim Mullen is set to make a strategy announcement next week, with Ladbrokes having been linked to a merger with Gala Coral and takeover by Paddy Power in pursuit of synergy savings in the last fortnight.

As it plays a central role in the consolidation sweeping the gaming industry, Mullen today announced Cope’s departure and that nine other roles in the centrally based international team will also be placed at risk of redundancy.

“Our international businesses each have strong management teams and do not require extensive support from a centrally-based international team,” Mullen said. “This move will reduce costs and bring the international businesses closer to our Exco team.

“The resulting savings will enable us to support the increased investment in our digital business which is essential to the future of the group.”

Existing locally-based management teams will continue as normal, with Australia managing director Dean Shannon reporting directly to Mullen. There will also be new lines of reporting for teams in Spain and Belgium.

Earlier this month, analyst Peel Hunt backed Mullen to drive Ladbrokes’ recovery, pointing to a number of cost-cutting measures such as removing the Sky TV service from its shops.

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