Lockdown: GVC Predicts £34m Hit
GVC Holdings, a FTSE-100 parent company of Ladbrokes and Foxy Bingo, will be required to close all its betting shops in England between November 5th and December 2nd.
Gambling brand, GVC Holdings, has predicted that if a UK-wide lockdown were to be implemented, it would result in a £34m hit to its business.
GVC Holdings, a FTSE-100 parent company of Ladbrokes and Foxy Bingo, will be required to close all its betting shops in England between November 5th and December 2nd under new controls announced on Saturday by Prime Minister Boris Johnson.
According to the firm, the English lockdown will cost around £27million. That’s with government support such as the Jobs Retention Scheme factored in.
However, the business is worried that if the English lockdown is extended across the UK, it could be crippling to finances and jobs.
All stores in the Republic of Ireland are forecast to remain closed until December 2nd, with Belgian establishments shut until December 13 and Italian shops not reopening for another three weeks.
'The well-being, safety and security of our colleagues and customers is of paramount importance to us,' declared the firm.
'We are following government advice in each area of our operations and are enacting contingency plans to minimise the impact on the business.'
GVC estimated a further £10million hit from restrictions in its European retail market.
