Ladbrokes owner Entain repays some furlough after outcry
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Entain, the gaming giant which owns Ladbrokes, is to pay back ₤ 44m of the furlough cash it declared during the pandemic, but keep ₤ 57.5 m.
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Carolyn Harris MP called it "absolutely disgraceful" that Entain was not repaying all of it, regardless of skyrocketing earnings.
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The group made ₤ 393m in pre-tax earnings in 2021, up 125% on the year before.
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It said the furlough scheme had actually helped to safeguard 14,000 jobs, and a "more particular medium-term outlook" made the partial payment possible.
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Entain has around 3,000 wagering shops in the UK branded Ladbrokes or Coral - which it needed to close for large parts of 2020 and 2021 because of coronavirus limitations.
However, punters did not stop wagering, they simply moved online. Entain's online business grew rapidly, and helping to push the group's revenues up 8% last year.
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In response to a BBC Newspaper article in January, Entain to repay the cash it had received under the furlough plan, with former Conservative leader Sir Iain Duncan Smith stating the business should "immediately hand the cash back to the UK taxpayer".
Entain has said formerly that the scenario was "under evaluation". On Thursday, it revealed that it would return the ₤ 44m it claimed in 2021, but keep the ₤ 57.5 m it claimed in 2020.
Labour MP Carolyn Harris, chair of the Gambling Related Harm All Party Parliamentary Group, said
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Ladbrokes Owner Entain Repays some Furlough After Outcry
kathrynfairley edited this page 6 months ago