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Evoke, the heavily indebted gambling group that owns William Hill in the UK as well as the 888 brand, has put itself up for sale as it grapples with rising costs and regulatory pressure.
The company said it is undertaking a review of its strategic options, which includes the possibility of selling the business. Investment banks Morgan Stanley and Rothschild have been appointed as joint financial advisers to oversee the process, although Evoke cautioned that there is no certainty any transaction will result or what form a deal might take.
The move comes just weeks after Evoke warned it would close around one in ten of its betting shops next year as part of efforts to stabilise its finances. The group has struggled to reverse declining performance while carrying a significant debt burden.
Pressure on the business has intensified following changes announced in the recent Budget, which sharply increased taxes on online gambling. From April 2026, the rate of remote gaming duty will rise from 21 per cent to 40 per cent, while tax on online sports betting will increase from 15 per cent to 25 per cent.
Evoke has already withdrawn its medium-term financial targets in response, warning that the new tax regime will add between £125 million and £135 million to its annual duty bill once fully implemented. An £80 million hit is expected in the next financial year alone.
The group said the impact of the tax rises, combined with ongoing operational challenges, had prompted the board to reassess the company’s future direction.
Any sale would mark a significant moment for the UK gambling sector, with William Hill remaining one of the most recognisable names on the high street despite years of consolidation and regulatory tightening across the industry.
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William Hill owner Evoke puts itself up for sale amid mounting tax and debt pressures

A new leadership team has been appointed to the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services following its Annual General Meeting at Portcullis House, Westminster.
Members from both Houses came together on 10 December to elect officers and agree the group’s priorities for the year ahead — a year they warn will be pivotal for rebuilding trust in the UK’s financial system.
Hayes and Harlington MP John McDonnell was confirmed as the APPG’s new Chair, supported by a cross-party group of Vice Chairs: Sarah Bool MP, Lord Davies of Brixton, and Ben Lake MP. Together, they form one of Westminster’s most politically diverse leadership teams dedicated to financial reform.
Accepting the role, McDonnell said he was honoured to lead the group at a “critical juncture” for financial oversight in the UK, stressing that victims of investment fraud and regulatory failures “deserve justice, not excuses”, adding ‘We will not allow a race to the bottom in regulation’.
He argued that consumer protection must be viewed not as a brake on growth but as “the foundation of a financial system that works in the public interest”, pledging that the APPG would hold regulators and industry to account while working collaboratively with parliamentarians, civil society groups and trade bodies.
“We are keen to work with any entity that wants to help the financial sector flourish by serving society as best it can,” he said, adding that the APPG was already preparing its policy agenda for 2026.
Vice Chair Sarah Bool said that while Conservatives believe in free markets, those markets “must also be fair”, warning that widespread fraud and regulatory gaps have damaged public trust and undermined the UK’s financial reputation.
Lord Davies of Brixton highlighted the severe personal consequences of misconduct, saying financial fraud “destroys real lives, pensions stolen, homes lost, futures wiped out”. He vowed to continue challenging vested interests and advocating for ordinary families.
Ben Lake MP emphasised the devastation felt by communities across Wales and the wider UK, citing small businesses ruined by banking scandals and individuals who tragically took their own lives after losing savings to fraud. “These are not abstract policy issues, they affect people in every constituency,” he said.
The AGM reaffirmed the APPG’s central theme — that strong consumer protections and robust enforcement are not obstacles to economic success, but essential to it.
The group remains deeply concerned about what it calls the UK’s growing “Trust Deficit”, warning that weak oversight and enforcement deter public participation in financial markets, damage the City’s international standing and erode systemic stability.
Its 2025 investigative work, including two major parliamentary summits and a high-profile report scrutinising the Financial Conduct Authority, will inform its approach in 2026.
The APPG confirmed it will continue to serve as a platform for dialogue between victims, regulators, parliamentarians, financial firms and civil society. A programme of hearings, evidence-gathering, and policy engagement is already planned for the year ahead.
The group operates on a strictly non-commercial basis. Its Secretariat is run entirely pro bono through the Transparency Task Force, a certified social enterprise, ensuring that its work remains “free from undue influence and firmly rooted in the public interest”.
The group’s purpose is to advocate for victims of financial misconduct and fraud, and to drive reforms that deliver a fair and trusted financial system. It is governed by the rules of the Office of the Parliamentary Commissioner for Standards and receives no parliamentary funding.
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Cross-party MPs elect new leadership for APPG on Investment Fraud amid call for stronger consumer protection

Britain’s live events industry has issued a stark warning to the Prime Minister, urging an immediate review of the government’s new Business Rates system amid fears it will trigger widespread venue closures, job losses and higher ticket prices across the country.
In a strongly worded letter sent to No 10, senior figures from the sector said the changes unveiled at the Budget — including steep revaluations by the Valuations Office Agency (VOA) and a higher Business Rates multiplier for large event venues — would have “devastating, unintended consequences” for the cultural economy.
They warned that the combined effect of unprecedented valuation increases and higher tax charges would “undermine many of the Government’s own priorities”, despite the Budget’s transitional relief measures and lower multipliers for smaller properties.
The letter sets out a bleak picture for music and entertainment spaces at every level. Hundreds of grassroots music venues, the launchpads of artists such as Ed Sheeran — could be forced to shut as rising Business Rates make already fragile finances untenable.
“These venues are where artists like Ed Sheeran began their career,” the signatories wrote. “Their loss would deprive communities of valuable cultural spaces and limit the UK creative sector’s potential.”
The warnings extend to the UK’s major arenas, many of which are facing Business Rates hikes of more than 100%. Operators say these extra costs will almost certainly be passed on to consumers, pushing ticket prices higher at a time when the Government has vowed to tackle the cost-of-living crisis.
“Ticket prices for arena shows will increase,” the letter said. “Dramatic rises in tax costs will likely trickle through to consumers.”
Smaller arenas ‘on the brink’
Mid-sized venues — often the cultural heart of regional towns and cities — are also at risk. The sector fears that dramatic valuation jumps could push many to the edge of closure, triggering thousands of job losses and stripping local communities of vibrant cultural hubs that sustain high-street activity.
“These changes will reduce the visitor spending that supports local hotels, bars, restaurants, shops and taxis,” the letter said. “They will hollow out the cultural spaces that help places thrive.”
Sector says changes conflict with Government’s own growth plans
Industry leaders also accused the government of undermining its Industrial Strategy and Creative Sector Plan, which explicitly commit to reducing barriers to growth for live events. Instead, they argue, the new Business Rates regime risks throttling one of the UK’s most dynamic export industries.
Sector demands 40% rates relief and urgent valuation reform
The letter calls on ministers to take two immediate actions:
• Introduce a 40% Business Rates relief for all live venues.
Film studios have already been granted this level of relief until 2034, and the live events sector argues that venues — similarly classified as “critical creative infrastructure” — deserve the same protection.
• Launch a rapid inquiry into VOA valuation methods for event spaces, which operators say are “disproportionate, inappropriate and unjustified”.
Finally, the industry has requested an urgent roundtable with HM Treasury, the Department for Culture, Media and Sport, and the Department for Business and Trade to develop a plan to “save our venues” before closures begin.
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If you’d like a follow-up commentary, sector analysis, or Business Matters-style opinion column on the wider economic impact of venue closures and rising ticket prices, I can prepare that next.
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Live events sector warns PM of ‘devastating’ impact from Business Rates overhaul

The UK’s long-running “risk premium” in financial markets appears to be unwinding, with economists claiming investors are regaining confidence in Rachel Reeves’ fiscal strategy — and that the shift could save taxpayers billions of pounds over the next five years.
New analysis from the Institute for Public Policy Research (IPPR), a think tank with longstanding ties to Labour, shows gilt yields have fallen faster than those in the US and eurozone since September. The move follows a turbulent year in which UK borrowing costs climbed significantly above other G7 economies, fuelled by persistent inflation, weak growth, and speculation over the new government’s tax plans.
According to the IPPR, yields on UK government bonds have dropped by 0.2 percentage points more than their American and eurozone equivalents over recent months. While modest, the reversal is viewed as a meaningful sign that Reeves’ public embrace of strict fiscal rules, first restated at Labour conference — has reassured money markets jittery since Liz Truss’s mini-Budget in 2022.
Earlier this year, the gap between UK and US 10-year bond yields had blown out to 1.1 percentage points; against eurozone debt, the margin was 0.6 points. On 30-year bonds the divergence was even starker, hitting 1.5 points versus US treasuries. Those differences amounted to a clear “risk premium”, a financial penalty imposed on the UK for political unpredictability and concerns over fiscal credibility.
“The reasons for this premium are not straightforward, especially given that the UK’s fundamentals are stronger than many countries with lower borrowing costs,” the IPPR noted, highlighting Britain’s debt-to-GDP ratio of around 100%, lower than that of the US, Italy or Japan.
Senior Bank of England officials echoed the assessment. Deputy governor Sir Dave Ramsden told MPs on the Treasury committee that gilt market volatility ahead of Reeves’ Budget was noticeably lower than in comparable pre-Budget periods under the previous Conservative government.
“There were no concerns about financial stability,” he said, a marked contrast to the gilt market crisis triggered by Truss’s unfunded tax cuts.
The Bank now expects the Budget to shave up to 0.5 percentage points off inflation next year, thanks largely to Reeves’ decision to remove taxes from household energy bills. Inflation currently sits at 3.6%.
Despite the recent improvement, UK borrowing costs remain elevated by historical standards and are still higher than those faced by the US or eurozone members. The Office for Budget Responsibility forecasts that debt interest payments will exceed £100 billion in every year of this parliament.
However, if the remaining risk premium disappears, the IPPR calculates that taxpayers could save up to £7 billion a year by 2029–30, money that could otherwise be directed to public services or debt reduction.
Carsten Jung, associate director for economic policy at the IPPR, said a “clear, credible” fiscal path could make the UK “a star performer in the G7”, but warned that the Bank of England could undermine progress if it continues its aggressive quantitative tightening programme.
The Bank estimates its bond disposals have pushed up gilt yields by as much as 0.25 percentage points. Jung said the Bank should “pull its weight” and pause sales to avoid unnecessarily driving up borrowing costs at a time when the government is trying to restore stability.
Bond yields have also been kept higher by falling demand from final-salary pension schemes, once major institutional buyers of long-dated gilts.
For now, though, the message from the markets appears clearer than it has been for years: after a volatile 18 months, investors may finally believe that the UK has rediscovered its fiscal discipline.
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Falling gilt yields suggest Rachel Reeves has ‘won back market confidence’

Policy uncertainty in Westminster is weighing heavily on Britain’s small business sector, according to one of the City’s most influential bankers.
Kunal Shah, co-head of Goldman Sachs International, warned that a lack of clarity over taxation and employment laws is creating an “overhang” that is discouraging entrepreneurs from investing and hiring.
Speaking ahead of a House of Commons reception marking 15 years of Goldman’s 10,000 Small Businesses programme, Shah said founders were increasingly nervous about the government’s shifting regulatory agenda. “One of the things that comes back often from these companies is the tax burden in the UK,” he said. “The Budget last month was a focal point for everyone to see again how tough the fiscal maths is now. It introduces challenges for any entrepreneurs and the business environment here.”
Although small businesses remain upbeat about their own performance, Shah suggested that Labour’s manifesto commitments — particularly around expanded employment rights — had left many founders uneasy about future costs. “These entrepreneurs are largely optimistic around their own businesses, around things they can control,” he said. “But it is all the uncertainty over the manifesto pledges that can hamper investment confidence. That continues to be an overhang.”
Labour last month abandoned its pledge for “day-one” unfair dismissal rights, striking a compromise with unions to reduce the qualifying period to six months rather than two years. The government insisted the move would still drive a major shift in worker protections, but business groups warned the proposals would require significant adjustments to hiring strategies.
Shah, who joined Goldman in 2004 and became a partner a decade later, said UK firms now had clarity on taxation for the next year but warned that broader economic pressures continued to erode SME confidence. “There is a longer-running productivity problem,” he said, adding that “sticky inflation” and interest rates “at the restrictive end” were feeding into company finances.
Despite these headwinds, Shah pointed to genuine opportunities for growth, including improved trade ties with the US and India. He also praised the Chancellor’s stamp duty holiday for newly listed shares as a pragmatic move to revive the UK’s capital markets. “It shows clear intent,” he said. “These are signs of how they want to support the broader growth agenda.”
More than 2,500 companies have been through Goldman’s free training scheme for founders of small firms, targeted at businesses with revenues above £250,000 and staff numbers between 5 and 50. Research by Professor Mark Hart of the Enterprise Research Centre shows participants increased revenues by 43% within three years, adding an average £665,000 to their top line.
After ten years, these businesses were 14% more productive than comparable firms that did not take part.
The UK government’s own equivalent — the Help to Grow scheme — has enrolled 10,000 leaders since 2021, with funding secured until 2029.
Despite wider market uncertainty, Shah said Goldman expected another strong year for fees from mergers and acquisitions. The bank has already been involved in $1.5 trillion worth of deals in 2025 and is advising on several high-profile transactions across Europe. “The backlog is healthy,” he said. “We see that momentum continuing into next year.”
Goldman recently advised Shawbrook on its £1.9 billion flotation in London — the largest in several years — and is closely watching the dramatic takeover battle for Warner Bros, though it is not advising any of the bidders.
Government engagement improving — but uncertainty remains the drag
Shah welcomed the government’s willingness to engage with the banking sector, following meetings with Rachel Reeves, Anthony Gutman and Goldman Sachs CEO David Solomon earlier this year. But he was unequivocal in his assessment that uncertainty is the biggest factor undermining SME confidence.
As he put it: “Entrepreneurs are optimistic — but optimism only gets you so far when you can’t plan ahead.”
Reeves responded, by saying: “This report shows the huge contribution small businesses make in creating jobs, driving innovation and powering growth across the UK. They aren’t just businesses – they’re the innovators, creators and entrepreneurs that keep our economy thriving. The 10,000 Small Businesses programme shows how larger firms can back the next generation of entrepreneurs, and I congratulate them on this 15-year milestone. In the Budget, we acted to make life easier for businesses by permanently lowering business rates for hundreds of thousands of retail, leisure and hospitality businesses, opening up new funding so SMEs can better invest and hire, and backing entrepreneurs with tax reliefs to help them grow.”
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Goldman Sachs warns UK policy uncertainty is creating a ‘confidence overhang’ for small businesses

The Invest in Women Taskforce has surpassed its fundraising ambitions in a major boost for female entrepreneurship, announcing that it has now convened £635 million in commitments, more than double its original £250 million target set at launch in 2024.
The milestone includes confirmation that Nationwide and the British Business Bank will join Barclays and M&G as anchor partners in the targeted £130 million first close of the groundbreaking Women backing Women Fund of Funds, subject to final terms and approvals.
The fund, managed by Bootstrap4F and believed to be the largest female-led fund of funds in the world, represents the first initiative of its kind in the UK dedicated to deploying capital directly into female-founded companies and gender-balanced VC teams.
The Taskforce’s first Annual Report, published today, reveals that more than £70 million was deployed in 2025 across 15 founders and funds, with a strong pipeline now emerging as momentum accelerates. The funding pool has become the largest coordinated effort globally to reshape the investment landscape for female entrepreneurs.
A sector still facing a deep investment gap
Despite the rapid progress, female founders continue to face stark funding disparities. Research by Beauhurst and the Taskforce shows that fully female-founded businesses receive just 2% of UK equity investment. At the current rate of change, the Taskforce estimates it will take at least a decade to reach funding parity between all-male teams and female or mixed teams.
The House of Commons Women and Equalities Committee recently echoed this call for urgent action, urging the government and industry to invest more decisively in female entrepreneurship.
Government backing and economic case
Speaking ahead of a Downing Street reception to mark the launch of the Annual Report, Chancellor Rachel Reeves said supporting female entrepreneurs was central to the government’s economic agenda.
“Growth is this Government’s number one mission, and I am backing female-powered business not only because it’s critical for our economy but because it is the right thing to do,” she said.
“As the first female Chancellor, I am committed to improving economic outcomes for women, from lifting the two-child cap to breaking down barriers that stop women from starting, scaling and investing in British businesses.”
‘A commercial imperative, not just a moral one’
Hannah Bernard, Barclays executive and Taskforce co-chair, emphasised the economic potential of backing women-led businesses.
“Female-led businesses deliver 35% higher returns than male-led businesses,” she said. “This is not only the right thing to do,  it is a commercial imperative. We must urgently rebalance investment committees and capital deployment.”
Debbie Wosskow OBE, entrepreneur and co-chair of the Taskforce, said the fund’s progress should serve as a wake-up call to the wider VC industry.
“Reaching first close will be a huge milestone. We’ve worked tirelessly to build the world’s largest funding pool for women, but about 80% of UK venture capital still goes to all-male teams,” she said. “The evidence is clear: diverse teams deliver stronger returns. So what are we waiting for?”
The Taskforce continues to call on institutional investors, pension funds and corporates to join the initiative and help close the UK’s persistent gender funding gap.
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Invest in Women Taskforce hits £635m as Nationwide and British Business Bank join first close of landmark ‘Women backing Women’ fund

Mike Ashley’s Frasers Group has acquired Swindon’s Designer Outlet, one of the UK’s busiest retail destinations, marking the latest move in the company’s fast-growing property portfolio.
The popular shopping centre — housed within the Grade II-listed former Great Western Railway Works — attracts more than three million visitors a year and has been sold by LaSalle Investment Management, which only purchased the site in 2022.
Michael Murray, CEO of Frasers Group, said the deal underscores the company’s commitment to investing in physical retail as a core part of its “elevation strategy”.
“Physical retail is central to our elevation strategy and investing in Swindon — one of the UK’s top five outlets by footfall — strengthens our position as both retailer and landlord,” Murray said. “This acquisition reinforces our property strategy and unlocks new opportunities for our brands and our partners.”
The outlet, which opened in 1997, was previously operated by McArthurGlen before changing hands to LaSalle. Its acquisition marks another major shopping centre addition for Frasers Group, following last month’s purchase of the Braehead Shopping Centre in Scotland.
The FTSE-listed business, controlled by founder and majority shareholder Mike Ashley, now owns a growing portfolio of retail centres across the UK alongside its chain of Frasers department stores and brands including Sports Direct, Game, Jack Wills and Evans Cycles.
Industry analysts said the move highlights Frasers Group’s continued strategy of combining retail ownership with property investment — a model that gives it significant influence over rents, tenants and prime retail locations during a turbulent period for the high street.
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Frasers Group snaps up Swindon Designer Outlet in latest retail property expansion

The government has announced a £725 million overhaul of the apprenticeship system, setting out plans to create 50,000 new placements over the next three years in an effort to address rising youth unemployment and strengthen the UK’s long-term economic prospects.
The reforms include a £140 million mayoral pilot programme giving regional leaders new powers to connect young people — particularly those not in education, employment or training (NEET) — with apprenticeship opportunities at local employers. Ministers say the changes will open thousands of new routes into skilled work across the country, with a sharper focus on aligning training with local labour market demand.
A central pillar of the reforms is a commitment to cover the full cost of apprenticeships for eligible under-25s at small and medium-sized businesses — a move aimed at removing the financial barriers that have discouraged thousands of SMEs from hiring apprentices.
The government will also launch new foundation apprenticeships in industries such as hospitality and retail, intended to help young people enter the workforce more quickly. Expansion plans for growth sectors — including digital, engineering, health and advanced manufacturing — are expected to create clearer pathways into roles experiencing chronic skills shortages.
Sheila Flavell CBE, COO of FDM Group, called the investment a “crucial step” in preparing young people for a job market undergoing rapid transformation.
“As AI adoption accelerates across every sector, the demand for digital and technical skills is rising sharply,” she said. “Our research shows that more than half of organisations now expect AI capabilities in all early-career roles, yet only 6% feel their teams are equipped with these skills.”
Flavell said embedding practical AI and digital literacy into early-career training was essential to ensuring the UK workforce remained competitive.
Sachin Agrawal, Managing Director for Zoho UK, said the reforms were a “significant step towards modernising the UK’s skills infrastructure,” particularly in regions historically underserved by training and investment.
“By building a more evenly distributed skills base, the UK can attract greater investment from the tech industry into hiring and upskilling local talent,” he said. “Flexible short courses, foundation apprenticeships and new pathways in AI and digital engineering mark an important shift toward modular, competency-based training.”
From April 2026, the reforms will introduce a suite of short, flexible training courses in critical skills areas as well as a new Level 4 apprenticeship in artificial intelligence, designed to meet employer demand for future-focused capabilities.
The package represents the most significant restructuring of the apprenticeship system in a decade and is aimed at reversing a sharp decline in participation — apprenticeship starts among young people have fallen by almost 40% since 2015/16.
Ministers say the new measures will simplify pathways, expand access and ensure training reflects the needs of modern industries and regional economies.
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Government unveils £725m package to create 50,000 apprenticeships and tackle rising youth unemployment

In just four months, millions of small businesses, sole traders and landlords will need to change how they track and report their finances to HMRC.
Making Tax Digital for Income Tax (MTD for IT) will come into effect and means moving away from annual, paper-based tax returns to more frequent, digital reporting.
Under the new rules, you’ll need to use HMRC recognised software to keep digital financial records, send quarterly updates on income and expenses and complete an annual declaration that confirms your final tax position for the year by the usual 31 January deadline. It’s a big change and the biggest shift in personal tax since self assessment was introduced more than 30 years ago.
MTD for IT will be rolled out in stages. If you’re a small business, sole trader or landlord that has an annual income of more than £50,000 then you’ll be included from April 2026. It will then be extended to include those earning over £30,000 by April 2027, and anyone turning over more than £20,000 from April 2028.
With such a big shift ahead, the coming months will be very important. Taking steps to get ready for the changes will help you move through the transition with confidence and build new habits that you’ll rely on for years to come.
Why MTD for IT is happening
The introduction of MTD for IT is part of the UK government’s wider push to modernise the tax system and bring it in line with the digital tools that already power much of the economy. For years, policymakers have emphasised the need to invest in technology and reduce the administrative burden created by outdated, paper-based processes. MTD for IT is one of the key steps in this ambition to build a more modern and future-ready tax system.
A fully digital approach to tax is intended to make financial admin feel easier and simpler. However, for those that still rely on paper notes or spreadsheets, the shift might feel overwhelming. More than two-fifths (42%) of the smallest businesses are not using any finance or accounting tools, and only 27% believe they get their tech and software choices right according to our survey. For many of you, MTD for IT will mean using digital accounting tools for the first time and getting comfortable with a whole new way of working.
Choosing the right tools to help
Getting ready for a new digital way of doing tax, starts with picking the right software for bookkeeping. Look for HMRC recognised options that are simple to use. Ideally, digital tools should bring your financial admin together so you have one place where you can log your expenses, manage tax and keep on top of your finances.
It also helps to choose tools that make your everyday jobs feel easier and quicker. Features like being able to snap a picture of a receipt on the go using a mobile app will mean that you can log expenses instantly and automatically update your accounts. It’s a small change but one that can save you time and cuts down the chance of making mistakes that often creep in with more manual ways of working.
What to consider next
Once software is in place, use the remaining time to become more comfortable with digital record-keeping and quarterly reporting. With the right set-up, your income and expenses should flow straight into your software and quarterly updates, giving you a good idea of how your business is doing and what your tax bill is looking like after each quarterly update. This should mean fewer end-of-year tax surprises.
Up-to-date digital records will also make it easier to understand what’s coming in and going out. Our research shows nearly two in five small business owners (38%) are unaware if they were in profit the month before, and over half (55%) struggle with cash flow management. With everything captured in one place, you will be able to get a clearer view of your numbers so you can spot early warning signs or issues – from unpaid invoices to unexpected costs, and changing profit margins.
Get ready now
If you want extra assurance that everything is set-up right, an accountant or bookkeeper can also be a huge help. They can translate HMRC’s guidance into practical steps, help you select the right digital tools and guide you on how to manage the new reporting requirements. This kind of support will make the changes feel more manageable.
The move to MTD for IT might take some time to get used to, but taking action now will make the transition much easier. By taking steps to get ready for the changes, you can ease the pressure of the looming deadline and put yourself on a stronger financial footing for the future.
Get ready for MTD for IT – sign-up for one of our webinars that will break-down everything you need to do to prepare for the changes and view our range of MTD ready plans here with new customers getting 95% off for six months.
By Stuart Miller, Director, Public Policy & Tech Research, Xero
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What will Making Tax Digital for Income Tax mean for small businesses in 2026 and beyond?