Betfred is set to close more than a tenth of its betting shops, citing economic uncertainty and pressure from increasing taxes.
The high street bookmaker will also axe 600 jobs from September, with 132 of its shops earmarked for closure.
Originally based in Warrington, Cheshire, Betfred was founded by brothers Fred and Peter Done in 1967.
In the wake of last year’s Budget, Fred Done warned that the business could disappear from the high street, saying planned tax rises were the ‘biggest threat’ his company had faced in its 57 years.
His intervention came after former chancellor Rachel Reeves said there was a case for hiking taxes on gambling firms, adding she would make sure they paid ‘their fair share’.
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Former PM Gordon Brown urged Ms Reeves to use revenue from increasing levies on the gambling sector to tackle child poverty.
Last year’s Budget included measures to hike remote gaming duty from 21% to 40%, with a new 25% tax introduced on online sports betting from 2027, covering all sports except horse racing.
Betfred said it had taken its latest decision due to the ‘current fiscal and regulatory environment’.
Its chief executive Jo Whittaker said: ‘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.
‘Our priority now is to support the colleagues affected, and to continue serving customers and communities across the rest of our estate.’
Rivals Paddy Power and William Hill have also closed dozens of their stores over the last few years.
Paddy Power last year announced plans to close 57 of its brick-and-mortar stores across the UK and Ireland.
William Hill owner Evoke said changes to gambling taxes had forced it to act ‘quickly and decisively’ to offset the costs, including by closing some locations.
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