Paddy Power, the Irish gambling company with online and offline arms, has announced the acquisition of eight retail betting shops in Northern Ireland run by McGranaghan’s, a leading operation in the area. The deal was struck to the tune of £19 million and the shops will complement the nearly 200 shops run by Paddy Power in the Republic of Ireland and the 58 in the London environs. The stores will be re-branded under the Paddy Power name and will open for business in July.

Speaking about the deal, the Chief Executive of Paddy Power, Paddy Kennedy said: “McGranaghan’s has a similar business model to our own, employing a very competitive offering to drive very high shop turnover and profitability. Acquisition is the necessary route into this interesting market and McGranaghan’s is an ideal entry point for Paddy Power.”