William Hill owner Evoke (EVOK) is undertaking a “strategic review” of its business, which could result in “a potential sale of the group, or some of the company’s assets”.
Evoke, which also owns betting brand 888, said the tax rises in last month’s Budget could increase its duty costs by £135mn a year from 2027.
The bookmaker makes over 60 per cent of its revenue in the UK, and is now weighing “a range of potential alternatives to maximise shareholder value.” Evoke is more likely to be negatively impacted by higher levies than its listed peers as its leverage is already high.
The operator’s chief executive Per Widerström said in November that Evoke’s post-Budget cost cutting would “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”.
Evoke’s share price initially rose as much as 12 per cent on Wednesday afternoon after the announcement, before falling back again. The shares have shed almost two-thirds of their value over the past 12 months.
