GVC Holdings to Relocate Tax Residence

GVC Holdings has decided to relocate its tax residence from the Isle of Man to the United Kingdom.

According to Jay Dossetter, head of media relations for the company, it has decided to move in order to increase the company’s efficiency by allowing key meetings to be based closer to the company’s largest market.

Dossetter also said that the change will give the company the ability to hold full board and board committee meetings in the United Kingdom, reducing operational complexity and enhancing governance.

“The main reasons for making the move is that under the group’s current Articles of Association and tax residency we are unable to hold Board meetings or shareholder meetings within the UK. The proposed change will give us the ability to hold full board and board committee meetings in the UK, which will reduce operational complexity and enhance governance, and in turn, will increase efficiency and reduce costs. It also means that future shareholder meetings can be held in the UK,” Dossetter said.

Dossetter went on to say that the articles of association that located the company’s place of management on the Isle of Man came at a time when the company was much smaller, before its acquisition of Ladbrokes Coral in 2017. After the acquisition, the move is more fitting with GVC’s position in the gaming market today.

“The previous articles were drafted back in 2010 when the group was a radically different business, these changes reflect where the company is today. The relocation is just for the top holding company and has no impact on staffing or the operational side of the business. It has no impact on our tax bill or the effective tax rate we pay. Operationally, the online business will continue to be run from Gibraltar and the UK retail estate from the UK,” added Dossetter.

More About the Company

GVC Holdings PLC, which recently appointed Jatte Nygaard Andersen to its team, is a gambling and online gambling operator that operates in both B2C and B2B markets. It is one of the world’s largest sports-betting and gaming groups and it is licensed in over 20 jurisdictions and has a current workforce of more than 25,000 experts in 20 offices across five continents.

The company is a member of FTSE 250. It offers a highly scalable and robust platform, proprietary sportsbook, casino, poker and bingo software. The Group owns a wide portfolio of well-established brands. Their sports brands include bwin, Coral, Crystalbet, Eurobet, Ladbrokes, Neds International and Sportingbet.

Source:

“GVC Holdings Considers Tax Residence Relocation from Isle of Man to UK”, Niji Narayan, europeangaming.eu, January 13, 2020.