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Rank weighs up £500m Hard Rock sale
The Rank Group is considering whether to sell off its Hard Rock Café chain, which analysts think could fetch up to £500m.
The London-based group said that Hard Rock – which also has two hotel-casinos in its portfolio – is trading strongly and will be seeking to expand its business in the restaurant, casino and hotel markets. Therefore, the Rank board has decided to review its potential strategic options.
Investment bank Merril Lynch International has been brought in to assist Rank with the review.
The group, which also owns Grosvenor Casinos, Mecca Bingo and online betting agency Blue Square, announced that its gaming division is under pressure from rising costs and that the smoking ban in Scotland is having a negative impact on revenues in its bingo business.
Mecca’s earnings in Scotland are down by 14 per cent, with admissions down by 6 per cent and spend-per-head down by 9 per cent since the smoking ban was introduced in March this year. Details: www.rank.com
Photograph: The Hard Rock Café in New York would be part of the sale
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