The UK Gambling Commission has revoked the operator’s licence of the Park Lane Club in Mayfair, London, and its parent company of Silverbond Enterprises following its changes in ownership.
The Commission did not name the new owner in their statement, but noted that they were not able to provide an adequate explanation of the source of funds used to acquire the brand. The business also has a history of not providing the full information to the regulator.
Helen Venn, executive director of UKGC, 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.”
Had the new controller been the one to make the initial application for the license, the UKGC would not have granted one. This is a clear sign that the company should not be allowed to continue to hold one.
The operator’s licence was revoked under Section 102(4)(b) of the Gambling Act 2005, which states that a new licence controller must inform the Commission and then either surrender the licence or apply to find out if they can keep the licence.
If the Commission rules, as they have here, that a new licence would not be granted, the original should be revoked.
This comes after several years of regulatory difficulties for Silverbond, including a review of its licence in 2016 and a £1.8 million fine in 2019 for a lack of enhanced due diligence checks.
The licence is set to be revoked on November 18th, though Silverbond may appeal this decision before then.