Brexit fallout: Vodafone proposes moving HQ out of London

Vodafone is the latest company with potential plans to move its headquarters out of London following the Brexit vote in last week’s EU referendum.

The multinational telecoms company expressed concerns over Britain’s access to the EU’s single market, but admitted it is still too early to arrive at any “firm conclusions” over the long-term location of its HQ.

According to the BBC, Vodafone said in an email statement that it would be prepared to “take whatever decisions are appropriate”.

Vodafone currently employs around 13k people across the UK, with its operations including a site in Newbury, Berkshire.

The company has attributed much of its growth to Britain’s EU membership, with 55% of its profits in the last financial year coming from its European business. Just 11% came from the UK.

Vodafone has said the single market is “integral to the operation of any pan-European business”, adding: “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.”

At a meeting on Tuesday (June 28) to discuss the issues facing UK companies, Business Secretary Sajid Javid said: “The biggest issue raised was the need to secure continued access to the single market.

“While I am not in any position to make promises, I assured everyone that my number one priority will be just that in the negotiations to come.”

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