Evoke Plc told staff on Tuesday it planned to permanently close approximately 200 of its UK retail shops.
The closures represent roughly 15% of Evoke’s retail estate. The company said in a follow-up statement that the shop closures would start in May and formed part of its broader strategic review, which may include potential asset disposals.
The move was threatened prior to the autumn budget when Chancellor Rachel Reeves announced a significant increase to the UK’s Remote Gaming Duty and Remote Betting Duty. Then Evoke CEO Per Widerström confirmed the decision in January in a company trading update.
The latter came into force today, while the RBD will go live in April 2027.
Evoke, which operates about 1,300 betting outlets nationwide, has been undergoing a strategic review since December, as the operator considers a part or full sale, as well as a “range of potential alternatives”.
Criticism and tax rises
In a statement sent to iGB, an Evoke spokesperson said: “Following a thorough review and further to increased cost pressures on the regulated sector including significant tax increases announced by the government in last year’s autumn budget, from May we are closing a number of shops that are no longer sustainable.
“We are offering our full support to our retail colleagues who are affected by these closures.
“These decisions are never taken lightly, however in the face of rising cost pressures we must take action to ensure we can continue to invest in our core retail estate, with the right shops, in the right locations.”
A number of retail operators warned the tax hike could prompt closures across their estates, including Betfred and Entain. Flutter closed 57 of its own shops in 2025 as a result of continuing retail declines.
‘Highly damaging’ for the UK economy
In a January analyst note, Deutsche Bank cut Evoke’s FY26 and FY27 EBITDA forecasts by 12% and 18%, respectively. Because of high financial leverage, earnings per share will fall by 40% and 52%. The bank is assuming UK online growth of just 2.5% in FY26 and FY27, with margins falling from 23% in FY26 to 13% by FY27.
Stakeholders have speculated who or what could buy Evoke, or some of its assets, in the short term. Ben Robinson, managing partner at Corfai, recently told iGB that private equity is the most credible buyer for the group as a whole.
But Robin Chhabra, CEO and president of Tekkorp Capital, believes the best strategic play for Evoke would be to split up its international business.
“The jewel here is the International division; markets like Italy, Spain, Romania and Denmark offer double-digit growth. They are untouched by the chancellor’s new duties. Selling these is the only quick route to deleverage,” he said.
Kathryn Evans
Kathryn covers bitesize breaking news with a primary focus on EMEA and US legislation. A proud North Walian, fluent Welsh speaker and lifelong Wrexham FC fan – long before Hollywood came calling.
