The board of Evoke reports it is looking at a wide range of options for the group, including potential asset or business-unit sales. These steps come just as new duty increases add further pressure to the company’s UK outlook.

  • Evoke confirmed it is assessing several strategic paths to maximise shareholder value. That includes the possibility of selling the entire group or selected parts of the business. The board stressed there is no guarantee that any transaction will happen.

  • The company’s share price suffered after the UK tax increase was announced.
  • Morgan Stanley & Co. International and Rothschild & Co are advising on the process. Their role is to test the market and help assess structural alternatives. Evoke said it will update shareholders only if there is something concrete to report.

Strategic review and potential sale as a reaction to UK tax increase

  • The group also issued a response to the UK Budget, warning that the new tax regime will have far-reaching consequences. It believes thousands of jobs across the regulated industry could be lost as duties rise from April 2026. The board also expects a shift in customer activity toward the unregulated black market.

  • Remote Gaming Duty will jump from 21% to 40%, and a new 25% duty will apply to online sports betting from 2027. Evoke paid £329m in UK taxes and duties in 2024, more than 60% of its UK profits. The board argues the new rates will reshape the whole operating environment and reduce the incentive to invest in the UK.

  • Evoke estimates the new duty levels would add around £125–135m a year in costs once fully applied from 2027. Roughly £80m of that cost is expected to land in FY26. Management plans to offset about half of the impact through supplier savings, marketing cuts, store closures, operating efficiencies, and changes to its customer offering.

  • The company is withdrawing its medium-term targets while it reassesses investment plans. It says larger operators like evoke may be better placed to navigate the rising cost base than smaller rivals. A further update will be given when the board has clearer visibility.

  • CEO Per Widerström criticised the scale of the tax increases announced in the Budget. “These proposals are ill-thought-through, counterproductive, and highly damaging,” he said. He added that evoke will now begin implementing mitigation plans, which likely include reduced UK investment and widespread job cuts.