Ireland’s High Court has approved Ladbrokes’ rescue plan for its Irish retail betting division, ending the examinership proceedings on Friday.

Under the scheme, Ladbrokes UK will invest €12.8m in its Irish business, of which €3.8m will be used to pay off debts, €5m to provide working capital and €4m for capital expenditure purposes.

In addition, Ladbrokes will close 52 of its 196 Irish retail stores, keeping 700 staff members in employment whilst offering a compensation package to about 90 employee who have opted for a voluntary redundancy scheme.

The plan would see Ladbrokes retain its presence in nearly every town across Ireland in which they have been trading.