888 Holdings may consider moving to Malta after Brexit

Holdings stated in a report that should Gibraltar be negatively impacted by the UK’s exit from the European Union, the company will consider relocating its headquarters to Malta.

Gibraltar is a British Overseas Territory, but the future of the nation after Brexit is questionable, despite the UK government’s pledge to protect the island after its departure from the EU.

In its annual report 888 stated that although it is keen to retain a presence in Gibraltar, the company may seek to relocate its main base from Gibraltar to Malta, where the firm would be guaranteed free cross-border movement of people, goods, services and capital in a post-Brexit Europe.

The report stated: “The proposed status of Gibraltar in relation to the United Kingdom as a result of ‘Brexit’ is at present unclear.

“If 888 were to remain registered, licensed and operating in Gibraltar in these circumstances, its ability to rely on EU freedom of services/establishment principles in supplying its services within the EU will be limited.”

Last month, 888 revealed that is had experienced significant growth for the full year of 2016; Revenue jumped 13% year-on-year to €491.9m, while adjusted earnings before interest, tax, depreciation and amortisation incremented 12% to €90.2m.