14th Feb 2007 08:30
Rank Group PLC14 February 2007 14 February 2007 Rank announces changes to Mecca Bingo estate The Rank Group Plc, the gaming business, has announced its intention to closenine Mecca Bingo clubs in England and Wales. The decision to close is in linewith the group's stated aim of improving the quality of its clubs portfolio inpreparation 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 areoperated on a leasehold basis. A number of the freehold properties will be sold,crystallizing value and allowing Rank to redeploy capital into assets withpotential for higher growth and stronger returns. It is not anticipated that theclosures 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 tocontinue to provide the majority of the members affected with high quality bingowithin their local communities. The club closures will take place following a period of consultation with the230 employees who work at the clubs. Where practicable, they will be offeredpositions elsewhere within the business. Rank will remain the second-largest bingo club operator in the UK, with 103Mecca 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 theLondon Stock Exchange. The Group's principal activities are: the operation ofbingo clubs and casinos in the UK with complementary on-line gaming andbookmaking services. For further information visit www.rank.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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