25th May 2017, 19:41
Online bookmakers Paddy Power Betfair are to close their offices in Gibraltar and relocate elsewhere. In answers to questions from GBC, a spokesperson for Paddy Power Betfair said following the merger of the two companies, they have been reviewing arrangements with the aim of simplifying and centralising operations. As a result, the decision was taken to close the Gibraltar office and relocate its functions.
The bookmakers say all employees will be offered relocation opportunities. Although they declined to disclose the exact number, GBC understands they employ around 20 people in Gibraltar.
The companies merged in February 2016 with Paddy Power shareholders retaining 52 percent of the business and Betfair shareholders retaining 48 percent. GBC understands the Group owns offices in the UK, Ireland, Portugal, Romania, Malta and Italy. It has not been confirmed at this stage which functions will be relocated to which offices.