19th Mar 2014 14:04
LONDON (Alliance News) - Rank Group PLC Wednesday said it plans to open three new bingo clubs, an announcement that was timed just after UK Chancellor of Exchequer George Osborne said the government will cut bingo duty in half next year.
Osborne said bingo duty will be cut to 10% next year, down from 20%, to support bingo and encourage investment.
The UK gaming-based entertainment company, which currently operates 97 Mecca Bingo clubs across the UK, said that due to the duty change it is now able to invest in the development of three new clubs.
"Rank has identified a number of towns and cities in Britain where, in the light of today's announcement, it would like to develop new clubs. Now the group will complete more detailed market research, commercial negotiations, planning and licensing," the company said in a statement.
It didn't name the towns and cities.
Rank shares rose 5.1% to 151.56 pence per share after the news Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright © 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Rank