CELTIC BOOKMAKERS owner Ivan Yates has said there has been significant interest in buying his stores.

Receivers Hughes Blake accountants have received more than 40 expressions of interest to buy out part or all of his 47-shop business empire, which has debts of more than €6 million.

Receiver Neil Hughes said he was hopeful for the business, having received expressions of interest from both big and small investors. “We have been very, very pleased with the level of interest we have received from outside parties who wish to buy the shops,” Mr Hughes said.

He said people have expressed an interest in buying shops across the State, adding that his position as a receiver would be greatly enhanced if the businesses were sold off as soon as possible.

“The aim is to try to recoup as much as possible for AIB and to save as many jobs as possible.”

He said all bets would be honoured and said there was adequate working capital available for the period of the receivership to ensure this would be done.

Yates said his decision to expand the company rapidly in recent years by acquiring a number of other independent bookmakers was a “commercial disaster”.

He said revenue had fallen by an unsustainable 50 per cent since mid-2007.

He said he had “tried everything” to salvage the business in the intervening three years. Twelve loss-making shops were closed, and operating costs reduced from €17 million to €12 million. But the continued decline of trading conditions in 2010 meant the company would soon be unable to meet future bills, Mr Yates said.

The former Fine Gael minister, who resumes broadcasting on Newstalk’s Breakfast Show on Monday, said neither he nor his wife had taken any remuneration from the company in three years and there had been “no rash decisions, diversifications or investments that have contributed to the current difficulties”.