Vodafone considering shifting HQ outsider UK in Brexit fallout
29 June 2016
UK-based telecom giant Vodafone Group Plc said that it was considering moving its headquarters out of the UK, after voters last week elected to leave the EU.
According to the company, it gained many benefits through the UK's EU membership, including the bloc's free movement of people and the benefits of a single legal framework throughout Europe.
According to the company it was not yet possible to assess how these positive attributes of EU membership would be impacted after UK left the EU, a process that could take two years or more, making it impossible "to draw any firm conclusions regarding the long-term location for the headquarters of the group."
Vodafone said, "We will continue to evaluate the situation and will take whatever decisions are appropriate in the interests of our customers, shareholders and employees."
"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 European Union has been completed," a spokesman said.
Vodafone the seventh largest company listed on the FTSE 100 index, has a stock market value of £55 billion.
The huge majority of Vodafone's 462 million customers, 108,000 employee and 15,000 suppliers were based outside the UK. Over half the company earnings were attributed to European businesses in this financial year, while Vodafone in the UK accounted for only 11 per cent of earnings.