Closures equate to 15 per cent of William Hill’s estate
William Hill will shut around 200 shops across the UK after parent company Evoke completed a ‘thorough review’ of the business following tax hikes announced in last year’s Autumn Budget.
The closures will begin from May. William Hill operates around 1,300 shops in the UK, with the closures equating to about 15 per cent of its estate.
Evoke said: “Following a thorough review and further to increased cost pressures on the regulated sector including significant tax increases announced by the government in last year’s Autumn Budget, from May we are closing a number of shops that are no longer sustainable. We are offering our full support to our retail colleagues who are affected by these closures.
“These decisions are never taken lightly, however in the face of rising cost pressures we must take action to ensure we can continue to invest in our core retail estate, with the right shops, in the right locations.”
Chancellor Rachel Reeves used her Budget to increase online-gaming tax from 21 per cent to 40 per cent from April, and lifted the levy on online sports betting from 15 per cent to 25 per cent.
In January, Evoke confirmed that some William Hill shops would close.
Per Widerström, CEO of evoke, said at the time of the Budget: “The decision by the UK government to substantially raise taxes is highly damaging for the economy and consumers. As an industry, we have consistently warned of the significant impact on jobs, investment in the UK, and player protection that these changes would have, yet sadly the Government has chosen not to listen. These proposals are ill-thought-through, counterproductive, and highly damaging. It is clear these changes will significantly harm businesses, employees, and customers.”
“We will begin immediately on executing our mitigation plans, which involve a significant reduction in investment into the UK, and, very regrettably, the likely need for thousands of jobs to be cut up and down the country. As a result of the actions now required, these tax changes will reduce the overall level of tax the regulated industry pays in the UK, and more importantly, it will have a significant negative impact on player protection as these changes will incentivise activity moving to the illegal and dangerous black-market.”
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Closures equate to 15 per cent of William Hill’s estate William Hill will shut around 200 shops across the UK after parent company Evoke completed a ‘thorough review’ of the business following tax hikes announced in last year’s Autumn Budget. The closures will begin from May. William Hill operates around 1,300 shops in the UK,…
The post William Hill to shut 200 stores due to increased online tax rates appeared first on G3 Newswire.