Morrisons takes a punt on Irish shops

Published on Sunday 9 March 2008 20:47

MORRISONS, Scotland's largest independent bookmaker, has snapped up 13 outlets from an Irish rival as it drives towards a target of 100 units by next year.

Edinburgh-based Morrisons has bought all of the Scottish outlets previously owned by leading Irish company Sean Graham, which is leaving Scotland to focus on its local business.

Morrisons managing director Kenneth Waugh said the businesses fitted perfectly within the company's existing portfolio, and was part of wider expansion strategy.

"This acquisition builds upon our development strategy to grow to around 100 units by early next year and has allowed us to expand our brand across the country," Waugh said.

"As part of this deal, we were also able to bring all 68 staff employed by Sean Graham into the Morrisons fold."

The company was established in 1961 by Waugh's father, Kenny senior, growing into one of Scotland's leading bookmakers. It now boasts more than 70 outlets throughout Scotland, an annual turnover in excess of 60 million and a workforce of almost 300.

In the most recently available accounts, for the year to 31 July, 2006, the company made a pre-tax profit of 1.73m.

Meanwhile, Sean Graham will focus on its significant operations in the Republic of Ireland and Northern Ireland, under general manager Chris Deery. He said: "The sale of our shops to Morrisons sees the transfer of all our staff who have been very loyal to us over our 16 years in Scotland.

"They will be a real asset to Morrisons in the development of their shop estate and we wish them, and all our staff, the very best for the future."

The deal, worth around 2m, was funded by Clydesdale Bank, the company's long-term bankers.

Clydesdale corporate partner Lynne McKay said the acquisition was a strategic step forward for the company.

"Morrisons is one of the most recognised bookmakers in Scotland and this multimillion-pound acquisition has helped the company to realise, in part, its growth strategy," she said.