British bookmaker William Hill said on Thursday it had decided on a gradual withdrawal from its joint venture with Codere in Spain, after regulatory barriers made expansion too problematic.

William Hill said the withdrawal from the joint venture is not expected to have an impact on its expectations for 2009.

The joint venture, named Victoria Apuestas, opened its first outlet in Madrid in April 2008 and now trades across 98 locations within the Madrid and Basque regions.

William Hill said, however, that its plans to grow the business had been hampered by the slow granting of local regulatory consents and the slower-than-anticipated regulatory changes within other regions.

'These factors, coupled with the difficult economic situation within Spain, were likely to lead to additional capital requirements and a delay in achieving William Hill's target return for the venture,' it said in a statement.

William Hill said it now planned to focus its international strategy via its online services.

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