The British Gambling Commission has revoked Silverbond Enterprises’s licence after a change in ownership.
UK.- The British regulator, the Gambling Commission, has revoked the licence of Silverbond Enterprises, which operates the Park Lane Club in London’s Mayfair.
The Commission has not named the business’s new owner, but said it has been unable to provide proof of the source of funds used to acquire Silverbond.
Section 102(4)(b) of the Gambling Act 2005 states that operators that undergo an acquisition must either surrender their licence or apply for a determination that the operating licence shall continue.
The Commission must then decide if it would have granted the operating licence to the licensee if the new controller had been in place at the time it applied for the licence.
Helen Venn, executive director of the Gambling Commission, said: “We revoked this licence because we are not satisfied as to the source of funds (SOF) used to acquire and support the licensee at the time of the change of corporate control or to whom future profits of the licensee would be paid.
“We also identified concerns with the suitability of the new controller because of its unsatisfactory history in providing information requested as part of our enquiries.”
The latter comment is an allusion to Silverbond’s previous run-ins with the regulator, which landed it a £1.8m fine in September 2019 for failures on due diligence at its Mayfair casino.
The licence is due to be revoked from November 18. Silverbond may appeal.