Betfred CEO John Haddock departs
Haddock leaves firm after 30 years' service with owner Fred Done stepping in to take control
Betfred chief executive John Haddock (pictured) has left the firm after more than 30 years’ service, with owner and chairman Fred Done stepping in to take control of operations for the foreseeable future.
As first reported by the Racing Post last night, Haddock, who joined Betfred from Ladbrokes in the early 80s when the bookie had just 13 shops, has parted ways with the company little more than two years into his reign as chief executive.
“John Haddock has departed from the Betfred Group as CEO,” Done said in a statement.
“I would like to thank John for his 30 years of loyal unblemished service and I wish him well for the future.
“For the time being I shall be assuming all of John’s duties,” he added.
Betfred is one of the leading operators on the UK high street with more than 1,300 shops â a figure which could rise to approximately 1,700 should the firm, as expected, pull-off a deal to acquire shops the soon-to-be merged Ladbrokes and Coral are required to dispose of.
However, the firm has struggled to replicate its retail success online. In July, the operator reported a “significant decline” in online earnings â a dip it attributed to new gaming taxes and lower margins.
For the year ended September 2015, the whole Group posted a loss of £76.3m, gross turnover of £104bn and EBITDA before exceptional costs of £56.5m.
In May, Betfred agreed a 10-year platform deal with GVC, which next year will see GVC’s bwin product replace Betfred’s current GTECH platform.