Vodafone has warned that it could move its London headquarters outside of the UK following the country’s vote to leave the EU.
The telecoms giant said it was unable to draw any firm conclusions about the future of its offices at One Kingdom Street, W2, until the process of the UK’s exit from the EU has been completed.
Most of Vodafone’s 462m customers, 108,000 employees and 15,000 suppliers are based outside the UK. Its European businesses, excluding the UK, accounted for 55% of the group’s EBITDA (earnings before interest, taxes, depreciation and amortisation) in 2015-16, compared with 11% from its UK local operating company.
A Vodafone spokesman said freedom of movement of people, capital and goods was integral to the operation of any pan-European market and access to the emerging European digital single market should offer a “significant opportunity” for the UK.
He added: “It remains unclear at this point how many of those positive attributes will remain in place once the process of the UK’s exit from the EU has been completed.
“We will continue to evaluate the situation and will take whatever decisions are appropriate in the interests of our customers, shareholders and employees.”
The spokesman said the statement did not relate to Vodafone’s offices in Newbury, Berkshire.
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