Evoke launches strategic review exploring possible group sale or breakup after budget tax rises

Evoke Plc has begun a formal review of its future direction as pressure grows in the UK gambling industry, with newly announced tax hikes and planned store reductions by one of its major brands adding to the strain.

In a statement, the company said: “[The] board of directors of the Company confirms it has decided to undertake a review of the Company’s strategic options, which will include the consideration of a range of potential alternatives to maximise shareholder value, including, but not limited to a potential sale of the Group, or some of the Company’s assets and/or business units.”

The Gibraltar registered group, which owns brands including William Hill, 888 and Mr Green, has appointed Morgan Stanley & Co. International plc and Rothschild & Co as joint financial advisers. The board stressed that “there is no certainty that any transaction will materialise, nor as to the terms of any transaction.”

The strategic review comes after the recent UK Budget, where the government revealed it will raise duties on gambling operators. These higher taxes are set to increase operating costs for companies with a large UK presence beginning in 2026.

Earlier this year, William Hill said it plans to close about one in ten of its UK betting shops in 2026, pointing to changing customer habits and a tougher regulatory and economic climate. The move will shrink the brand’s presence on the high street and highlights the wider shift toward online betting.

Evoke stated that further updates will be provided “when and if appropriate”. The company also reminded investors that, because it is incorporated in Gibraltar, “The City Code on Takeovers and Mergers (the Code) does not apply to the Company… a takeover offer for the Company will not be regulated by the UK Panel on Takeovers and Mergers.”

The review signals what could be a major period of change for the group, although it’s still unclear where things will end up. Possibilities like selling assets, restructuring the business or even a full takeover are all on the table, but nothing has been decided yet.

ReadWrite has reached out to evoke Plc for comment.

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