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Ladbrokes head back to Gibraltar

No surprise here, if Hills decided to go, it was 1.03 that Ladbrokes would go too, despite the Magic Sign running a big 'Bet British' campaign within the last 12 months. The website only made £55m last year so they have to run off to Gibraltar and dodge tax and levy.

Ladbrokes.com to relocate to Gibraltar

I can't see myself ever working for a big company again, I'm too much of an idealist. If you've read my blog for a while, you'll be aware I'm currently studying an MBA. Corporate greed really shits me. If this was a case of remaining viable, then fair enough but it has nothing to do with it. Hills and Ladbrokes are deserting the UK for, in the words of that Nationwide ad, 'have more bubbly for the shareholders'.

They're not the only ones though...
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Comments

  1. Gibraltar Blogger9 August 2009 at 00:58

    You seem to be falling into the trap of that stupid advert - demonising 'shareholders' as something evil.

    They are the owners of the business, they entitled to have the business do what is best for them!

    Yes, as a cusomer you have a right to walk away, and as a comentator you have a right to pass comment, but please stop this ridicouls 'shareholders' nonsese as if it is some birth priveledge we are talking about. You wouldn't talk about a business owner like that, but when you apply the 'shareholder' label it seems ok?

    What have they done? - They have moved their business to elsewhere (within the EU) for financial reasons. This has been going on for years, look at the number of businessses that relocated from the UK to Ireland, or the car plants and other manufacturing that moved from the UK to eastern europe.

    We have a choice, we either demand a level playing field, which is fare for the countries. Or we allow an internal market competion wihtin the EU - which is better for the consumer.

    It is a balancing act. Sadly what keeps the balance working is the movement of compaies as it triggers reviews and rebalaning.

    While I may live in Gibraltar, I do not work in the industry!

    ReplyDelete
  2. Scott9 August 2009 at 01:43

    You mean there is something in Gibraltar besides the betting industry?

    I make no bones about hating corporate greed and their lack of business ethics. The greed of bankers and their 'duty to shareholders' is why the world economy is so utterly screwed. These firms are making more than healthy profits, so it has nothing to do with viability like a manufacturing firm. They are just doing it to avoid tax and levy. Often in these cases, if the people who made the decisions were actually the ones who owned the business, their decisions would be different. Richard Branson talks about when he floated Virgin as it being one of the worst decisions he ever made, and having to buy it back for peace of mind.

    Racing exists for bookmakers and punters, and in the UK, we have a sport/product which is poorly funded already. The shareholders excuse sinks the boot in even further. The government will have to do something, but I can't see it being for the better of the racing industry.

    Like I said, I'm an idealist. It mightn't sit well with city boys but it allows me to sleep soundly at night.

    ReplyDelete

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