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Heathrow-owner to move holding company to the Netherlands

June 26, 2018 8:27 AM
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Spain's Ferrovial froze investment into the UK as it sought more clarification on the Brexit process.

Ferrovial, which currently has its international base in Oxford, said the decision would address the negative effects of Brexit and allow its businesses to be taxed in Spain.

The Spanish construction company, which wants to remain under European commercial law, controls all of its international operations outside of Spain though its holding company.

In a statement, it said: "Ferrovial has considered the relocation of the corporate registered office of holding companies of international businesses, currently in the UK, to a jurisdiction which is under the umbrella of European Union law.

"There is no impact on employment, and our operations in the UK will remain unchanged."

Its the latest company to voice its concerns with regard to Brexit. German carmaker BMW warned production at its plants in the UK could be halted if supplies from the continent are disrupted.

And planemaker Airbus, which employs 14,000 people in the UK, said it may move its wing manufacturing to the continent.

Last year, Ferrovial said it would freeze its investment in the UK as it awaits further details on Brexit.

Ferrovial is the largest shareholder in Heathrow and owns Aberdeen, Glasgow and Southampton airports. It makes about 30% of its revenue in the UK.

Also read: Passenger killed and others injured as train derails near Barcelona

Source: news.sky.com

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