Surely supplying bookies is a safe bet? William Hill announce closures.

5th July 2019.

Somewhere a supplier of 3 inch long biros is starting to worry as Bookmaker William Hill has announced it plans 700 store closures putting 4,500 jobs at risk.

The firm said the move followed the government’s decision in April to reduce the maximum stake on fixed-odds betting terminals (FOBT) to £2.

Since then, the company added, it had seen “a significant fall” in gaming machine revenues.

William Hill, which has 2,300 shops and 12,500 employees, said the closures could begin before the end of the year.

“The group will look to apply voluntary redundancy and redeployment measures extensively and will be providing support to all colleagues throughout the process,” its statement said.

In its annual report, published in March, William Hill forecast that the government’s decision would reduce betting shop sales by up to £100m a year and could lead to the closure of up to 900 stores.

When the government reduced the stake limit, the Association of British Bookmakers warned that the move would lead to job losses in betting shops.

Tom Blenkinsop, operations director at betting shop workers’ union Community, described the bookmaker’s announcement as “devastating news for thousands of betting shop workers”.

He urged William Hill to engage with the union immediately, so that staff could get additional support and advice during the consultation.

“The government also has a role to play and must look at what support they can offer to workers whose jobs are threatened,” he added.

“Workers don’t deserve to be the victims of the changes happening in the industry as a result of either government policy or the significant shift towards online gambling.”

A spokesperson from the Department for Digital, Culture, Media and Sport said: “By cutting the maximum FOBT stake from £100 a spin to £2, we are helping to stop extreme losses by those who can least afford them. The gambling industry has had over a year to make preparations for this change, including to mitigate job losses. We now expect them to provide the right support to any staff affected by planned shop closures.”

Adam Bradford, founder of the Safer Online Gambling Group, said: “These jobs were inevitably going to go and at least represent a decline in the misery of betting on the High Street.

“Perhaps William Hill can deploy its staff into treating addicts and supporting those who are vulnerable across their other betting outlets.”

Bookmakers were seen by many commercial landlords as their saviours – spreading out and filling the gaps left as retailer after retailer cut stores or went bust.

The truth is, bookies had a lot in common with the retailers they were replacing – most of their business was moving inexorably on-line.

The last thing keeping the physical stores open in some areas were those controversial Fixed Odds Betting Terminals.

These shop closures are unlikely to be the end of it. The other gambling chains are sure to follow suit.

A KPMG report in 2017 had predicted that a cut to a £2 stake could force half the country’s 8,700 betting shops to close with the loss of 15,000 to 20,000 jobs.

About CPA

The Credit Protection Association can help!

Formed in 1914, CPA has been providing credit management services to SMEs for over 100 years.

At the Credit Protection Association, we provide first class credit information that can help you avoid being over extended to customers who are at risk. Our monitoring service can flag up warning signs long before the end, giving you the chance to adjust and reduce your exposure. We provide recommended credit limits and credit scores on a traffic light system and can help you set appropriate credit policies for your customers.

We regularly publish lists of the latest insolvencies but by then it is too late. Our credit reports however predict approximately 96% of company insolvencies long before they arrive.

Companies in trouble usually have very bad cash flow and they try to deal with it by delaying payment to their suppliers, increasing your exposure to them.

If you supply big retailers or small ones, help us help you identify the risks.

Why use a third party collector?

As a third party collector, we can also get your payments prioritised over those who are not as hot on collections. When you customer receives a letter from the Credit Protection Association regarding their outstanding account, they are going to want to get that resolved as a priority. Our overdue account recovery service can get your unpaid invoices to the top of their “to do” list and get your invoice paid.

Over the years we have collected billions in overdue invoices for our customers.

Our debt recovery and credit management services give our members the financial freedom needed to grow and prosper, while our new Late Payment Compensation department could unlock hidden potential and offer the compensation needed to springboard your business to success.

Ready to speak to an advisor?

For help or advice on credit management, entirely without obligation.

Call us today

0330 053 9263

The Credit Protection Association is a credit management company established in 1914. If you supply goods or services on credit then we can help you!

Keep up to date with the latest news by following us on social media:-

CPA on Linkedin

CPA on facebook

CPA on twitter

See all our latest news here!

How many excuses are there for non-payment?

Discover how to improve your cashflow in 3 steps.

Read our blog – Debt collection agency

Read our Cash Flow Advice

Read about our overdue account recovery service

Read our blog – What is credit management?

Read our blog -What is a credit management company?

Read our blog -Credit Management that works!

Read our blog – How to select a debt collection agency

click to see read about our successes