🚨 Shop Closures Alert! 🚨 Big news in the retail world as Evoke, the owner of William Hill and 888, announces plans to close around 270 betting shops across the UK. The decision comes as higher taxes put pressure on the company amidst discussions of a £225.3 million takeover by Bally’s Intralot.
The closures are predicted to lead to significant job losses, though the exact number remains unclear. Evoke is grappling with hefty debts and is trying to navigate through the financial crunch caused by last year’s betting tax increase. In January, the company had to close outlets and cut back costs to manage an expected rise in duty costs projected to hit £135 million per year by 2027.
What’s behind this? The Chancellor’s last autumn budget brought a steep tax hike, raising the remote gaming duty from 21% to 40% starting this April. Plus, a new online sports betting duty of 25% is set to kick in from 2027, affecting all sports except horse racing. A massive £440.3 million impairment charge due to the duty hike further deepened Evoke’s losses last year.
Per Widerstrom, Evoke’s chief executive, emphasized they’re taking decisive steps to adapt to these changes and safeguard shareholder value. This means a strategic review and significant operational measures are already underway.
What do you think about these closures and the rising tax rates? Are they a necessary measure or too much pressure on the industry? Share your thoughts below! 💬👇
#HighStreet #BettingShops #UKEconomy #JobLosses #TaxIncrease