Ladbrokes Ireland goes into Examinership

Jon Stark

http://m.rte.ie/news/business/2015/0421/695712-ladbrokes-examinership/

Just wondering what everyone thinks of this? I find it a bit hard to swallow Jim Mullen's claim that the company and its shareholders are suffering because "results have favoured the punter recently".

I find it interesting as well that he mentions the digital market as it's known that Ladbrokes have pumped a fair bit into improving their online betting resources.

Ladbrokes is my local bookie and I've got the feeling from cashiers that all has not been well for a while. I would be genuinely fearful that a lot of jobs could be on the line.

racso1975

There is a thread about it in the general gambling forum. Worth a read.

As I said there I reckon it is primarily being done to cut wages and renegotiate rents. Akin to what B&Q did previously.

I cannot remember last time I was in one but a lot of people giving out about the state of them and also the cashiers.

mr.jingle

Jim Mullen only in the job and taking home £500,000 a year yet looking at making wage cuts. Hilarious stuff

NaiveMelodies

mr.jingle wrote: »

Jim Mullen only in the job and taking home £500,000 a year yet looking at making wage cuts. Hilarious stuff

:pac::pac::pac::rolleyes::rolleyes::rolleyes:

You clearly don't have a clue mate.

Presume this is the whisper in the corner of every shop this morning?

Shemale

NaiveMelodies wrote: »

:pac::pac::pac::rolleyes::rolleyes::rolleyes:

You clearly don't have a clue mate.

Presume this is the whisper in the corner of every shop this morning?

I think you dont have a clue, you think the top man in a company with an operating revenue in excess of a billion doesnt earn 500,000?

I worked in a company with an operating revenue of 6 billion and the top guys bonuses were close to 7,000,000 a man

NaiveMelodies

Shemale wrote: »

I think you dont have a clue, you think the top man in a company with an operating revenue in excess of a billion doesnt earn 500,000?

I worked in a company with an operating revenue of 6 billion and the top guys bonuses were close to 7,000,000 a man

I know he's on that kind of money.

I'm suggesting Jingle is clueless because of the connection he's making between that and wage cuts.

hfallada

Shemale wrote: »

I think you dont have a clue, you think the top man in a company with an operating revenue in excess of a billion doesnt earn 500,000?

I worked in a company with an operating revenue of 6 billion and the top guys bonuses were close to 7,000,000 a man

http://www.ladbrokesplc.com/media/press-releases/2015/20-03-2015.aspx

He is only on 500k, which seems quite small. But there might be large performance related bonus. Plus CEOs of PLC generally get most of their earnings from shares.

Shemale

hfallada wrote: »

http://www.ladbrokesplc.com/media/press-releases/2015/20-03-2015.aspx

He is only on 500k, which seems quite small. But there might be large performance related bonus. Plus CEOs of PLC generally get most of their earnings from shares.

Think you misread my post.

CH3OH

Base salary £500,000
bonus up to £850,000
pension contribution £112500
share award up to £ 1,000,000
benefits £15,000

http://www.ladbrokesplc.com/media/press-releases/2015/20-03-2015.aspx

Jim Mullen Remuneration arrangements

Jim's new base salary will be £500,000 and he will be eligible for the CEO level bonus of up to 170% of base salary, one third of which will be deferred in shares for 3 years. The bonus targets, which consist of a combination of financial measures and strategic/ individual objectives are set by the Remuneration Committee and are appropriately stretching.

Additionally Jim will receive a pension allowance of 22.5% of his base salary, car allowance, private healthcare and other customary benefits worth c £15,000 in total.

Jim will also receive a share award equal to 200% of his base salary under the Performance Share Plan (PSP) in 2015. The implementation of the PSP is being revised in 2015 to include a mandatory 2 year holding period, after the 3 year vesting period. Vesting is dependent on 3-year performance against 4 measures (rather than 2 measures in previous years) which for 2015 include EPS, TSR, Free Cash Flow and a responsible gambling measure. Further detail on the PSP will be found in the 2014 Directors’ Remuneration Report. It should also be noted that PSP grants from 2016 onwards for Jim will be revert back to the normal PSP opportunity of 175% of base salary.

NaiveMelodies

Ok- I think we've all cleared up how much Mullen earns(no one was questioning it).

Is anyone in Jingles boat? Is it hilarious that Mullen is on 500k and is proposing wage cuts for lower end staff?
I hate these ridiculous assertions, similar was said about the BOI chief who has done a ridiculously good job.

CH3OH

NaiveMelodies wrote: »

Ok- I think we've all cleared up how much Mullen earns(no one was questioning itQUOTE]

No " think " about it.

#There was discussion as to the CEO's salary.
I added the facts

NaiveMelodies

CH3OH wrote: »

NaiveMelodies wrote: »

Ok- I think we've all cleared up how much Mullen earns(no one was questioning itQUOTE]

No " think " about it.

#There was discussion as to the CEO's salary.
I added the facts

You have indeed. #thefacts

Francie Barrett

racso1975 wrote: »

As I said there I reckon it is primarily being done to cut wages and renegotiate rents. Akin to what B&Q did previously.

I'd say that is exactly it. I reckon they must have entered into a lot of very unfavourable rental agreements when they were expanding like mad in the boom days.

pugw

In the main their prices are generally worse that pp / boyles and the state of their shops is far behind as well! They may want to "examine" that while their at it!

Shemale

NaiveMelodies wrote: »

Ok- I think we've all cleared up how much Mullen earns(no one was questioning it).

Is anyone in Jingles boat? Is it hilarious that Mullen is on 500k and is proposing wage cuts for lower end staff?
I hate these ridiculous assertions, similar was said about the BOI chief who has done a ridiculously good job.

Do you really believe this?

I worked in a place that cut salaries for staff by 10%, a year later no increase, still 10% down and the boss game himself a 25% increase.

NaiveMelodies

Shemale wrote: »

Do you really believe this?

I worked in a place that cut salaries for staff by 10%, a year later no increase, still 10% down and the boss game himself a 25% increase.

Believe what exactly? Did I miss the part that said Mullen was getting an increase? You aren't making any sense so just shhh.
What do you think he should be on? You've already said his wage is far from uncommon for a business of that size so you clearly believe what I believe!! Bizarre. Just bizarre.

I'm sorry to hear that about the place you worked in.

shy-tall-knight

pugw wrote: »

In the main their prices are generally worse that pp / boyles and the state of their shops is far behind as well! They may want to "examine" that while their at it!

I've noticed PP prices being abysmal of late and Ladbrokes haven't been too bad whereas in the past, they were by far the worst. The amount of people I know who stay blindly loyal to Paddy Power regardless of price is staggering, I reckon it's allowing them to take a few more liberties with prices.

pugw

shy-tall-knight wrote: »

I've noticed PP prices being abysmal of late and Ladbrokes haven't been too bad whereas in the past, they were by far the worst. The amount of people I know who stay blindly loyal to Paddy Power regardless of price is staggering, I reckon it's allowing them to take a few more liberties with prices.

In fairness ladbrokes had decent anti-post prices for some horses in cheltenham! I bet with them a good bit in the run up to it! They were still fairly slow to go NRNB though!
Always worth shopping around! Cant see them leaving the irish market! As said above probably an effort to restructure! I suppose they are good for competition!

JONJO THE MISER

Most staff i ever saw in ladbrokes are very odd.

Shemale

The one shop with crap prices who always try rip you off when you are collecting