More than 120 staff have lost their jobs with the collapse of North East bookmakers Pagebet after the company worked up large losses.

But the jobs of the remaining 144 workers have been saved as 30 bookies shops have been sold by administrators of the Durham-based firm.

Adminstrators Pricewaterhouse Coopers have shut down 23 of Pagebet’s 53 stores with the immediate redundancy of 125 workers. Four staff will remain to help adminstrators wind up the company.

But 27 sites employing 131 staff were sold to Oxfordshire bookmakers chain operator Stan James (Abingdon) and three, employing 13 staff, to Newcastle-based Platinum Leisure (North East).

Craig Livesey, director and joint administrator at PricewaterhouseCoopers LLP, said: “Pagebet Bookmakers Limited has experienced very challenging trading conditions and has generated significant losses.

“Whilst we are pleased to have been able to sell over half the business straight away saving a considerable number of jobs, unfortunately we have not found a buyer for the other 23 betting offices, which have had to close immediately.”

The company had grown quickly in recent years buying stores from other operators and opening its own stores. But administrators said that despite winning large amounts of investment for its growth it had also generated large losses and had used up all its cash.

Steve Fisher of Stan James said: “As part of the transaction, Stan James is pleased to guarantee payment for all unpaid winnings in the shops that the administrator will be closing plus all wagers on bets that have selections still to run.

“Throughout the negotiations Stan James has attached great importance to maintaining employment and honouring all payment of winnings.”

Customers may claim their winnings at any Stan James shop or by posting the betting receipt ticket to: - Stan James, Grove Technology Park, Wantage Oxon OX12 9FN.

If any customer requires any further information regarding collection of winnings Stan James have set up a help line at 0191 3324519.

The administrators are working with staff to ensure they receive the support they need during this difficult time to assist with their claims for redundancy and other compensatory payments.

Mr Livesey added: “Our priority is to ensure that all employees made redundant are assisted in processing their claims with immediate effect.

“We will be circulating correspondence to all staff as soon as possible which will outline the support available to complete redundancy payment forms.”

Source: www.nebusiness.co.uk

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