Irish bookmaking chain Hacketts has been placed in liquidation by its directors.

The significantly reduced role of retail betting in the overall market and increased competition from mobile and online betting were cited as two major reasons why the business has been struggling.

In recent years, the company's directors had attempted to restructure the company by closing 26 stores and selling a further 15 to Paddy Power.

Hacketts currently has 18 betting shops in Dublin, Cork, Limerick and the Midlands. It has a turnover of approximately €30 million.

An agreement has been reached with Paddy Power, who will honour any outstanding bets from Hacketts customers through their network of betting shops.

Anyone with a winning bet slip should present it at their nearest Paddy Power betting office who will arrange for it to be paid out.

The company was originally founded by Cyril and Monkia Hackett in the Midlands over half a century ago.

The directors declared it to be "a very sad day for the Hackett family" and thanked their staff, suppliers and customers for many years of loyal service and business.