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UK – GVC estimates £37m hit from enforced store closures

By - 2 November 2020

GVC Holdings has provided an update regarding the impact of enforced store closures across UK and European retail as a result of further restrictions due to Covid-19.

The estimated EBITDA impact of currently required retail closures is £27m in the UK and £10m in Europe, totally £37m across the group.

The estimated EBITDA impact if all retail outlets were required to be closed for a whole month sees UK retail take a £34m hit, £9m in European outlets and £43m in total.

Stores in England will close from 5 November until 3 December (subject to Parliamentary approval). Stores in Scotland and Northern Ireland currently remain open.

In Wales all stores are currently closed and are expected to re-open on 9 November. In the Republic of Ireland, all shops are expected to be closed until 2 December. In Italy all shops – but not corner outlets – are closed until 24 November. In Belgium all stores are closed until 13 December.

GVC has emphasised that the well-being, safety and security of its colleagues and customers is of paramount importance and is following government advice in each area of its operations and enacting contingency plans to minimise the impact on the business.

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