William Hill seeks 50% rent cuts
William Hill has written to landlords asking for rent cuts of up to 50%.
The move comes ahead of new regulations coming into force in April that lower the maximum bid allowed on fixed-odds betting terminals from £100 to £2.
William Hill is preparing to close betting shops and overhaul other sites due to tough conditions on the high street and the government clampdown on fixed-odds betting terminals.
William Hill has written to landlords asking for rent cuts of up to 50%.
The move comes ahead of new regulations coming into force in April that lower the maximum bid allowed on fixed-odds betting terminals from £100 to £2.
William Hill is preparing to close betting shops and overhaul other sites due to tough conditions on the high street and the government clampdown on fixed-odds betting terminals.
It expects that as many as 900 shops will eventually become loss-making as a result of the changes to fixed-odds machines.
Following the government’s decision to reduce fixed-odds betting terminal maximum stakes to £2, William Hill wrote to around 2,000 landlords seeking a reduction in its rental obligations. This was one of a number of steps the bookmaker is taking to mitigate the impact of this decision on its business.
Nicola Frampton, director of UK retail at William Hill, said: “The purpose of the letter is to inform landlords that we are taking some extremely difficult decisions about the size of our betting shop business – and that these decisions will have a direct impact on our landlord partners.”
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