Vodafone considers relocating from UK in light of Brexit

Vodafone has signalled that it might consider moving its headquarters out of the UK given uncertainty about how many of the "positive attributes" of being in the EU will remain once Britain has left the bloc.

The telecoms group, which was founded in the 1980s in the UK but now generates the majority of its revenues overseas, said it was not possible “to draw any firm conclusions regarding the long-term location for the headquarters of the group” after Britain’s decision to leave the EU.

In a statement, the group said that it would “continue to evaluate the situation and will take whatever decisions are appropriate”.

The group, which has more than 13,000 workers in the UK, has its headquarters in London. The majority of its 462 million customers, 108,000 employees and 15,000 suppliers are based outside the UK, it said, with European businesses, excluding the UK, accounting for 55 per cent of earnings. The UK accounts for only 11 per cent of group earnings.

Vodafone said the UK’s membership of the EU had been an important factor in the growth of the company, stressing that freedom of movement of people, capital and goods was “integral to the operation of any pan-European business, as are single legal frameworks spanning all member states”.

As a first step, the company said it would strengthen Vodafone’s regulatory and public policy activities in Brussels to ensure that its businesses within the EU would continue to be represented.

– Copyright The Financial Times Limited 2016