October 18, 2018 / 7:01 AM / a year ago

Ex-Ladbrokes CFO leaves GVC months after merger

(Reuters) - GVC Holdings (GVC.L) Chief Financial Officer Paul Bowtell will leave the gambling firm to join a private equity investor just a year after taking the role as part of its takeover of British high-street brand Ladbrokes, the company said on Thursday.

In results reporting a 14 percent jump in quarterly net gaming revenue thanks to the soccer World Cup and gains in its online business, the company said Rob Wood has been appointed as deputy CFO and will take over from Bowtell in March.

Bowtell, previously Ladbrokes finance chief moved to GVC as part of its 4 billion pound purchase of Ladbrokes in March of this year. Wood is currently CFO of the Ladbrokes Coral UK Retail business, GVC’s largest division after the merger.

“After seven years as CFO of first Gala Coral, then Ladbrokes Coral plc and now GVC, Paul Bowtell has decided to leave the company in order to take up a role with Alchemy Partners, the private equity firm,” GVC said in a statement.

GVC reported a 28 percent jump in online net gaming revenue in the third quarter thanks to the soccer World Cup, and Chief Executive Kenny Alexander said he was confident of meeting the company’s expectations for the year.

GVC, which has expanded rapidly through acquisitions and joined London’s FTSE 100 bluechip index in June, said growth in Ladbrokes Coral brands was strong during the quarter.

Investec analysts said in a note on Thursday the company was continuing to take market share from competitors and upgraded its revenue estimates for full-year online revenue.

GVC, which has gaming sites in 21 languages and accepts bets in 19 currencies, said it had launched a mobile app in New Jersey with its joint venture partner MGM Resorts (MGM.N) during the quarter, another step in the gradual opening up of U.S. betting markets after a Supreme Court decision in May.

Reporting by Muvija M in Bengaluru; editing by Patrick Graham

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