GVC Holdings, the company that owns Ladbrokes Coral and Bwin.party, is considering relocating the company’s headquarters for administrative and control purposes, from the Isle of Man to the United Kingdom.
In announcing the change of fiscal address, the company’s media relations chief, Jay Dossetter, explained that this seeks to increase the efficiency of GVC, because it will allow the company’s key meetings to be closer to its main market.
“The main reasons for moving are that, according to the current Statutes and tax residence of the group, we cannot hold meetings of the Board or shareholders in the United Kingdom,” Dossetter said.
The spokesman for GVC added that
“The proposed change will give us the ability to hold full meetings of the board and board committee in the United Kingdom, which will reduce operational complexity and improve governance and, in turn, increase the efficiency and costs”.
He also said that with the change of venue
“future shareholders meetings can be held in the United Kingdom.”
The association bylaws that established the administrative headquarters of the GVC on the Isle of Man were drafted at a time when the company was smaller and it was well before the acquisition of Ladbrokes Coral in 2017, Dossetter said. The measure it does is to bring GVC closer to the current gaming market.
“The previous articles were written in 2010 when the group was a radically different business, these changes reflect where the company is today,” said Jay Dossetter, although he indicated that this move does not mean a change in GVC operations.
“The relocation is only for the main holding company and has no impact on the staffing or operating side of the business. It has no impact on our tax bill or the effective tax rate we pay,” Dossetter explained.
He said finally that
“From an operational point of view, the online business will continue to operate from Gibraltar and the UK’s retail trade from the United Kingdom.”