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murphyjust.
04 Jan 11 10:38
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Date Joined: 31 Jan 04
| Topic/replies: 333 | Blogger: murphyjust.'s blog
...despite the win over Rangers at the weekend I think Celtic are really struggling as a force[;)]

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By:
penhead
When: 04 Jan 11 13:10
ivan yates
By:
Anaglogs Daughter
When: 04 Jan 11 13:11
Celtic Bookmakers, the independent chain owned by broadcaster and former Fine Gael minister Ivan Yates and his wife Deirdre, has gone into receivership.

Established in Wexford in 1987, the bookmaking group employs 237 people.

A statement from the directors confirmed they had invited AIB to appoint a receiver to the company. Neil Hughes of Hughes Blake Accountants has been appointed.

The directors said that while there would be “inevitable significant job losses”, they would try and retain as many of the 237 jobs as possible throughout the 47 betting shops in Ireland.

Revenue at Celtic Bookmakers fell by an “unsustainable” 50 per cent since mid-2007, having previously achieved an annual income of €180 million and an operating profit of €4 million, the directors said in their statement.

Since then, it has reduced its cost base from €17 million to less than €12 million, including the closure of 12 loss-making shops.

Conditions in 2010 continued to deteriorate and prevented the company from securing a suitable merger, refinancing or restructuring despite "many months" of effort.

“Today is a profoundly sad day for our employees, for our families and for ourselves,” Mr Yates said.

“I take this opportunity to express our deep appreciation to all of our wonderful staff, managers, great customers, landlords and suppliers for their support and loyalty over the past 23 years. Like many, we did not anticipate the rapid decline in the economy, but I acknowledge that the accelerated growth of the business placed the company in a difficult position given the extent of the recession.”

The directors said any employees made redundant would get their full statutory entitlement. They said they had supported the company from their personal resources and had outstanding unpaid loans to it. They had kept their salaries to an "absolute minimum" and had not drawn any remuneration for the past three years.

"There have been no rash decisions, diversifications or investments that have contributed to the current difficulties," the statement said.

Celtic expanded rapidly in earlier years, acquiring a number of smaller bookmakers’ stores to add to its portfolio. But more recently it had concentrated on cost reduction. It cut job numbers to 237 from 256 in the course of 2009.

The directors said at that time they were confident the company would return to profitability in future years.

In 2005, the company had a turnover of about €105 million and Mr Yates estimated the following year that it was growing at about 20 per cent per annum.

During its rapid expansion, it opened outlets in places such as Swansea, Bristol and Wales. In 2006, Celtic spent an estimated €5 million on the purchase of Dublin-based Joe Molloy Bookmakers to add a further 10 stores to the chain.

The company’s website appeared to have been taken down this morning.

Mr Yates (50) spent over 20 years as TD for Wexford and served on Fine Gael front bench for more than 12 years. He was minister for agriculture from 1994 to 1997, a period that included the BSE crisis.

He announced in 2001 that he would retire from politics in order to concentrate on his family and business interests.

Mr Yates left school at the age of 16 and joined Fine Gael at 17, going on to give his entire adult life to politics.

Speaking to The Irish Times  in February 2001 following his decision to withdraw from political life, Mr Yates said his late father, John F. Yates, had not approved of his choice.

“I come from a Protestant background and my family would have been distrustful of politics, they would have felt it was a dubious profession. But to be truthful they feel equally dubious about bookmaking. I can't win,” he said.

Mr Yates said in his statement he would continue with his other non-bookmaking commitments as the affairs of Celtic Bookmakers are concluded. He said he would resume his broadcasting role with Newstalk radio next Monday
By:
the hitcher
When: 04 Jan 11 13:13
On RTE Radio 1 now
By:
penhead
When: 04 Jan 11 13:29
are their cheques any good now
By:
Win only - Sp only
When: 04 Jan 11 13:53
Joe Molloy done well, must have had Derrin Brown negotiating for him.
By:
Irishlad2
When: 04 Jan 11 14:58
Won't do the fund raising at betpak any good. Any one asked to invest? 50k for 0.75%. A joke.
By:
chingachgook
When: 04 Jan 11 15:08
just heard that the loss making shops will shut in the next few days while the
money making ones will get about 6 weeks before they close.
By:
Dan Chipowski
When: 04 Jan 11 15:13
Got a few old dockets to collect. Better get down there tomorrow.
By:
Win only - Sp only
When: 04 Jan 11 15:15
Never thought Ivan would be a knocker, but seems the landlords were not paid.
By:
Blackwater
When: 04 Jan 11 15:42
Sad for the staff.

It probably says more about the state of the country than it does about the betting industry.
By:
throughother
When: 04 Jan 11 15:42
I think I can see a Monopoly ahead, even worse than an iceberg!
By:
Catford Toteboard
When: 04 Jan 11 15:43
What odds on Yates standing for FG in the forthcoming election and then shaping the new gambling legislation?
By:
chingachgook
When: 04 Jan 11 15:46
surely the government wont allow these machines may aswell
flood the country with crack.
By:
Win only - Sp only
When: 04 Jan 11 15:49
Roulette already in the spoils
By:
john con
When: 04 Jan 11 15:56
Where are the profitable shops?
By:
chingachgook
When: 04 Jan 11 15:57
no idea
By:
goggles15
When: 04 Jan 11 15:57
the ones in spoils can not be the machines that are in the uk shops unless they want to test the legal waters and see if the machines will be seized if machines are left in shop it is a grey aera and then they will press for them legally like uk
By:
Catford Toteboard
When: 04 Jan 11 16:01
I remember about three years ago Yates was up for installing the machines in his shops to test the law but then McDowell said he would confiscate them and Yates thought better of it. Thats why I think Yates will probably be lobbying for them again, with renewed vigour. But from within government?
By:
john con
When: 04 Jan 11 16:06
You cant be a TD if your bankrupt, if Yeats has all all his assts secured then theres every chance he'll go bankrupt.
By:
Catford Toteboard
When: 04 Jan 11 16:12
Thanks John, didn't know that.
By:
db1974
When: 04 Jan 11 16:37
It's highly unlikely that Celtic is run as a sole trader or partnership by Ivan Yates

More likely that they are run as a limited company, in which case the company can go into liquidation/receivership without either director having to declare bankruptcy or having any of their personal assets put under threat
By:
irishbookmaker
When: 04 Jan 11 16:51
The betting game is a bit like the drinking sector at the minute.
The big players with online divisions are operating one section of their business(Retail) at a loss in order to drive out opposition.
This is allowed through profits from their other arms(online and phone).
Will ne more big ones closing soon as well IMO.
By:
Poohna
When: 04 Jan 11 17:40
is that figure correct IrishLad2? Valuing the site at 6.6 million?
By:
Irishlad2
When: 04 Jan 11 18:01
Yes poohna....some snippets from the prospectus:

"Since launching in February 2010, we have successfully rebranded 186 shops from the following seven groups: Bambury, Hacketts, John Mullholland, Terry Rogers, Pat Toolan, The Track and Tully Bookmakers. This enables Independents keep their family name while becoming part of this larger online company. Each Independent will rebrand 60% of their shops with the BetPack branding.

To date BetPack has signed up over 13,600 new online customers and amount staked (turnover) has already ready reached over 9.5 million (sports and casino). We believe BetPack is delivering Ireland's newest, most exciting online betting experience to its members. We have set targets to have 25,000 customers by December 2011.

We are now closing the original funding round of 1.5m with limited 50K slots available. This investment is being used to roll out a marketing campaign to immediately scale the business. The opportunity for the investor is to piggy back on the existing credibility and experience of this Independent Bookmaker Group and the already created mindshare from the launch marketing campaign, following the very successful launch of BetPack.com.
The minimum investment amount is 50,000. An investment of 50,000 will acquire a 0.75% shareholding in the Company once the total 1.5m is raised."

It is crackers imho.
By:
Blackwater
When: 04 Jan 11 18:43
I'd gladly pay 50k for 0.75% of that much mindshare.
By:
Catford Toteboard
When: 04 Jan 11 20:14
Irishlad2, where can I, in the UK, get a copy of the prospectus please?
By:
lustrumm
When: 04 Jan 11 22:09
Why would one have an account with Betpack when it is the same as Stan James. Furthermore of yu ohave been clamped or closed by Stan James you are immediately clamped/closed with Betpack.
I wouldn'y give 5 grand for .75% not to mind 50K
By:
neill d
When: 05 Jan 11 00:21
I've just finished company law 1 db1974 and I was thinking the exact same thing as yourself, seperate legal personality/ the debts are those of the company not Ivan Yates and all that. If he ends up losing his house etc over this he has either been very badly advised or is an extremely honourable man who has given an undertaking to pay all his debts, fair play if its the latter. The former seems unlikely
By:
Catford Toteboard
When: 05 Jan 11 00:40
This should clear things up a bit, doesn't look good for Ivan and his family and the picture says it all http://www.irishtimes.com/newspaper/frontpage/2011/0105/1224286780541.html

Sad
By:
reluctant
When: 05 Jan 11 01:17
just another way to

KNOCK
By:
Giant Strides
When: 05 Jan 11 01:23
On RTE earlier he stated the decline began after the builders holidays in 2007. Yet he was still opening shops in 2008(Phibsboro). Surely he should have scaled back expansion plans if he felt there was a problem forthcoming. 
Hard to have much sympathy for someone who made no apology for drawing a hefty ministerial pension when the debate arose last year. Added to his no doubt substantial broadcasting salary and a variety of extra curricular activities.
Every sympathy for the employees because it appears to me that the boss took his eye off the ball.
By:
Rowley Mile
When: 05 Jan 11 01:26
'Personal Guarantees'

Ivan yates prowill probbly be the first man to honour one of these in Ireland tbf.
I see that khunt of a wife of sean dunnes is claiming she was swindled out of half a million in the states recently.

One must ask....

Where the fooook did she get half a mil ?
Below cost selling of sub standard groceries in Dublin 4 ?
In his last photo in the newspapers, the dunner himself was getting out of a brand new lexus jeep, not a bad effort from someone who is completely broke and owes the banks more than most will ever have.


They're getting off scot free i'm afraid !!!!!!

Ivan definitely one of the good guys and will meet his commitments at some stage, not run away from them ffs.
By:
Rowley Mile
When: 05 Jan 11 01:27
will probably Shocked
By:
Anaglogs Daughter
When: 05 Jan 11 14:40
An emotional Ivan Yates put his hands up yesterday and admitted the collapse of his business empire was "totally my own fault."

He also admitted to many sleepless nights in the run-up to Allied Irish Banks seizing control of Celtic Bookmakers.

Mr Yates now faces losing his family home and half the 160-acre farm, in Blackstoops outside Enniscorthy, Co Wexford.

The land is valued at just under €2m -- leaving a shortfall of €3m owed to the bank even if the estate were sold.

Mr Yates added he also had a deep-set sense of failure for his wife Deirdre, four children and the 237 staff at Celtic Bookmakers. "This was supposed to be Deirdre's pension," he said. "I can't blame the banks or anyone else."

He also admitted to putting everything up as collateral for loans to the company. "That includes the family home and my mother's bungalow which is built on the land -- although she has a right of residence to it. Everything was all quids in."

He added that he had known for the past two weeks that the company was in deep trouble.

"I feel demoralised and a burden of responsibility to everyone in the company -- especially the staff.

"We (with his wife Deirdre) took all the major decisions on merger talks, expansion and there was no one else there making the decisions. We were in this together although she owns the shares."

However, he admits they made some ill-advised decisions in the past including the multi-million acquisitions of businesses in Limerick and Dublin between 2006 and 2007.

"We were over-zealous at the top of the market," he said. "I can see that now." But, he added, these were business decisions designed to remain competitive in a fast-changing business and had nothing to do with the property market.

"These were not property plays -- we don't own the premises of any of the bookies. I have no interest in property."

And Mr Yates also admitted that there is no golden nest egg of investments the family can fall back on.

"We have no big investments abroad. I hate flying and I've taken two trips abroad in my life. I rent the Dublin property I stay in when I'm up here for work with Newstalk.

"We made mistakes but they were all designed to boost the business."

At its peak in 2007, Celtic Bookmakers was worth an estimated €30m, but Mr Yates had realised the boomtime was over with average bets taking a massive hit. And while bookmaking is usually one that is considered recession-proof -- it is always the smaller firms that fall foul of the bigger players.

"I've known for some time that the business was in trouble but the last 48 hours were the worst." He said part of being in business is knowing when the time is up.

"There has always been an entrepreneurial spirit in my family," he said.

Mr Yates is a descendant of the John Jameson whiskey family and four generations of the family have lived in Wexford. His father and grandfather were wool merchants.

He added that the speed of the loss of the business hit home this afternoon when his realised his mobile phone service had been cut off.

"I'll have to get a ready-to-go now.

"I have 93 text messages in my phone since this morning and I can't reply to any of them."

- Ailish O'Hora
By:
Blackwater
When: 05 Jan 11 16:34
Like Rowley says, limited liability means nothing if the bank debts are covered by personal guarantees.

If a mistake was made, it was that he and the wife were both directors of the business. It might have been easier to save the family home otherwise.

The thing that impresses me most about the situation is that he pulled the plug when there was still enough cash in the business to pay wages and settle outstanding bets. He didn't just bury his head in the sand and wait for the sh1t to hit the fan. He deserves credit for that.
By:
neill d
When: 05 Jan 11 17:50
I think the reason why he is losing the family home is that he took out loans to try and save the bussiness and used his own personal assets as a guarantee.
By:
Kelly
When: 05 Jan 11 18:14
Unfortunately for them there will be no big queue to buy a bookies shop .  Probably a liability now given the state of the "art" .
By:
workrider
When: 05 Jan 11 18:24
this story is getting sadder by the minute , loss of jobs family home etc . i would have worked under ivan in th dept of agri and i can safely say he was one of the most respected ministers we ever had , he was respected both inside , which i can assure you can be hard to attain in that dept , and outside in the world of politics . a very kind and understanding human being , i wish him and his family all the best .
By:
irish_guy_13
When: 05 Jan 11 19:05
no one has died, ffs,  sure he's a nice fellow, chased the dream "gambled" and losed. happens to many and will also happen to more.
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