Betfred to shut 132 shops after gambling tax hikes
Betfred is closing 132 betting shops and cutting 600 jobs in the UK, citing increased gambling taxes and rising operational costs. The company described the current fiscal environment as the greatest threat to the industry in decades.
Why it matters
The closures illustrate the economic pressure on the traditional high-street gambling sector due to regulatory and tax changes.
Image source, Getty Images Image caption, The bookmaker chain said more than tenth of its shops would shut
Betfred plans to shut 132 shops and cut more than 600 jobs from September, as the gambling firm blamed higher taxes and economic uncertainty.
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 shops 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.
The closure plans come on the back of tax increases announced by the previous chancellor, which Fred Done described as the "biggest threat" to the industry in his 57 years .
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