Betfred is set to close 132 of its betting shops and cut more than 600 jobs from September, attributing the significant reduction to increased taxation and a challenging economic environment.

A consultation process has been launched over the closures, which will affect more than a tenth of Betfred's retail estate.

The move will leave the company with around 1,100 shops across the UK. This follows similar reductions by rivals such as Paddy Power and William Hill, who have also closed dozens of stores in the past year.

Jo Whittaker, Betfred’s chief executive, expressed the difficulty of the situation, stating: "We have tried hard to protect all our sites and the colleagues who work in them, but the combined impact of higher employer national insurance contributions, wage inflation, increases in gambling taxes and wider economic uncertainty has left us with no choice.

"These are well-run shops, staffed by dedicated colleagues, and it is incredibly hard to see any of them close, but the current fiscal and regulatory environment has made it impossible to keep trading all our shops."

More to follow...