The McGranaghan Racing chain of bookmakers in Northern Ireland has been bought by Paddy Power in a deal worth £19m.

Paddy Power, Ireland's largest bookmaker, has purchased eight McGranaghan shops, all of which are located in the Greater Belfast area.

The deal sees Paddy Power entering the Northern Ireland market for the first time.

McGranaghan Racing was established in 1952 and currently employs 50 staff, all of which will be retained by Paddy Power.

Patrick Kennedy, chief executive of Paddy Power 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.

"The estate has an attractive mix of different locations and like Paddy Power is a punter focused business which promotes a very competitive and attractive offering that will drive both footfall in our shops and increased profitability throughout our company."

Paddy Power said it would invest a seven figure amount refitting the betting outlets.