Rank, who has an interests in the bingo and casino industry in Britain, is considering selling its Hard Rock Cafe business which is loctaed in Britain and all over the world, so they could focus their time and resources in expanding their presence and influence in the U.K. gaming industry.
Rank is conducting a review right now about whether Hard Rock should or should not remain with the group although company analysts suggest that the sale of Hard Rock can generate Rank cold hard cash amounting to more than 500 million pounds.
With Hard Rock going up on the auction block, Rank as a conglomerate, who was once a big player in the leisure industry would be no more. Odeon cinemas, Pinewood film studios and Butlins holiday camps are properties that were once included in the conglomerate.
Rank as a whole, would be reduced to just a gaming business. Although Rank owned Mecca bingo halls and its Grosvenor Casinos are looking to benefit on the Government officials plan to relax laws in the U.K. concerning gambling.
The break-up of Rank, which also owns the Blue Square internet betting company, comes after it posted losses in the last two fiscal years.
Rank, which also owns the Blue Square internet betting company announced that itn would conduct a review, with the help of Merrill Lynch, of Hard Rock for the next few months.
Hard Rock developed quite a following especially with Rock enthusiasts because of the memorabilias that serve as displays on its wall. The Cafe was founded in 1971 in London and as of the present, it has 121 branches in more than 40 countries located in the different continents in the world.
The company said that Hard Rock sales were up 8% in the first six months of the year. Which considering all the circumstances, is a very good news indeed.
Monday, September 11, 2006