GVC Holdings poised to return to UK following EGM results
London-listed operator will leave the Isle of Man, transferring tax and management to UK
Shareholders in GVC Holdings have voted overwhelmingly to allow the company to depart the Isle of Man, the operator has confirmed.
At an extraordinary general meeting (EGM) in Gibraltar earlier today, 481,356,880 shareholders, which equates to 99% of the operator’s total shareholder base, voted to move the management, control and tax residence of the business from the Isle of Man to the UK.
In addition, shareholders voted on changing the company’s articles of association, something which has prevented the operator from holding company meetings in the UK. As a result, the group will be now able to hold all future meetings in its UK office.
News of the proposed relocation broke last month, with GVC denying at the time that it was related the UK’s departure from the European Union.
EGR Intel understands there will be zero tax implications for GVC as a result of the move. The operator’s online business will remain in Gibraltar, while its retail business will stay in Stratford, East London.
GVC was originally incorporated as an Isle of Man enterprise in 2010, operating a registered office in Athol Street, Douglas.
A spokesperson for GVC told EGR Intel it was delighted that the twin resolutions had received the “unanimous” backing from the company’s shareholders.
“The updated articles reflect GVC’s transformation in a short period of time from a small AIM-listed business to a major main market, premium-listed company.
“Along with the strengthening of our Board and improvements to the sophistication of our internal controls, it clearly demonstrates our commitment to operating the very highest standards of governance in all aspects of our operations. The relocation will have no material impact on our UK tax bill or our effective tax rate, and we will remain one of the UK’s top 20 corporate taxpayers,” GVC added.
In its most recent trading update for Q4, GVC Holdings CEO Kenny Alexander confirmed expected full-year EBITDA will hit the top end of its £670m-£680m forecast after Q4 finances were boosted by strong online performance and positive betting margins.