Rank announces Mecca changes
Rank Group PLC
14 February 2007
14 February 2007
Rank announces changes to Mecca Bingo estate
The Rank Group Plc, the gaming business, has announced its intention to close
nine Mecca Bingo clubs in England and Wales. The decision to close is in line
with the group's stated aim of improving the quality of its clubs portfolio in
preparation for the introduction this year of smoking bans in England and Wales
The nine clubs are in Fulham, Islington, Kingston-upon-Hull, Liverpool, Reading,
Sheffield, Swansea, Welling and Wolverhampton.
Rank owns the freeholds of five of the clubs to be closed, while four are
operated on a leasehold basis. A number of the freehold properties will be sold,
crystallizing value and allowing Rank to redeploy capital into assets with
potential for higher growth and stronger returns. It is not anticipated that the
closures will have a material effect on Rank's profits in 2007.
It is expected that the proximity of other Mecca Bingo clubs will enable Rank to
continue to provide the majority of the members affected with high quality bingo
within their local communities.
The club closures will take place following a period of consultation with the
230 employees who work at the clubs. Where practicable, they will be offered
positions elsewhere within the business.
Rank will remain the second-largest bingo club operator in the UK, with 103
Mecca Bingo clubs in England, Wales and Scotland.
ends
Contact:
The Rank Group Plc
Dan Waugh, director of investor relations 01628 504053
Lesly Hughes, head of public relations 01628 504260
M: Communications
Nick Fox 020 7153 1540
Lisa Gordon 020 7153 1548
Notes to Editor:
Rank is a leading European gaming business, based in the UK and listed on the
London Stock Exchange. The Group's principal activities are: the operation of
bingo clubs and casinos in the UK with complementary on-line gaming and
bookmaking services.
For further information visit www.rank.com
This information is provided by RNS
The company news service from the London Stock Exchange