Ladbrokes Coral to make finance redundancies in Gibraltar

A “small number” of staff in Ladbrokes Coral’s Gibraltar-based finance department are being made redundant as the business continues to streamline under the guidance of GVC.

EGR understands around 25 people will be affected by cuts in the payments processing and accounts payable teams, as GVC strives to achieve £130m cost synergies following the 2018 acquisition.

The operator is confident that the vast majority of affected payment processing, retail and digital finance staff will be redeployed elsewhere in the business, either in their existing location or in lower-cost venues like India.

The reshuffle does not relate to the departure of GVC UK digital CFO James Bunn at the end of 2019.

Ladbrokes Coral’s financial management and consolidation accountants will remain in Gibraltar and are likely to merge with the existing GVC team on the Rock.

The operator’s net employees in Gibraltar should remain stable having hired several staff this month from now-liquidated Addison Global, EGR Intel has learned.

Ladbrokes Coral also restructured its Gibraltar-based sports division back in August 2019.