The gambling group behind William Hill plans to close around one in ten of its betting shops across the UK in 2026.
Evocation plc, which bought William Hill for $32 billion in 2022, reportedly plans to close nearly one in ten of the chain’s betting shops in the new year. in spite of The company saw a 3% rise in revenue In the first half of this year, it faces heavy debt of £1.8 billion ($2.4 billion) against a market value of around £210 million ($280 million), while also bracing for tax rises expected after the autumn budget.
The exact number of stores scheduled to close has not yet been confirmed, however The times Reports indicate that one source claimed that 120 of William Hill’s approximately 1,300 locations would close for good, while another source put the number closer to 200. If the latter is true, it would result in the loss of about 1,500 jobs.
William Hill and beyond betting shops
The news comes at a turbulent moment for the UK gambling industry, with Chancellor Rachel Reeves expected to raise taxes in the Autumn Budget next. Great pressure from representatives. For evocation plc in particular, the company’s share price has fallen by almost 30% over the past 12 months, while it has fallen by more than 83% over the past five years. Much of the above debt came from the purchase of William Hill in 2022.
It appears that the exact number of closures and the extent of the action taken by evocation plc will depend on Reeves’ budget, due to be announced on 26 November. An evocation spokesperson told The Times that the company is “continuously reviewing and adapting its store portfolio to ensure it is aligned with our long-term strategy for sustainable and profitable growth,” while evaluating various scenarios before announcing the budget.
“As a regulated and licensed operator in the UK, we are also aware of the potential tax increases in the upcoming Budget as well as the increased costs,” the spokesperson said. “As part of our ongoing planning, we are assessing the potential impact of different tax scenarios on our UK operations. This includes the difficult but necessary consideration of further store closures.”
ReadWrite has contacted the press office at evocation plc for further comment.
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