Rank Group PLC
30 October 2003
30 October 2003
THE RANK GROUP PLC
Disposal of Rank Leisure Machine Services
The Rank Group Plc ('Rank') announces that it has agreed to sell the businesses,
assets and liabilities of Rank Leisure Machine Services Limited and Rank
Seasonal Amusements Limited (together 'RLMS') to Gamestec Leisure Limited, a
wholly-owned subsidiary of Danoptra Holdings Limited, for a total consideration
of £30m in cash. The transaction, which is subject to regulatory clearances
being obtained, is expected to complete before the year end.
In the year to 31 December 2002, RLMS had turnover of £50.0m and operating
profit of £3.1m. Net assets of the business as at 31 December 2002, excluding
intercompany loans, were £28.1m.
The consideration will be used to reduce group borrowings.
- ends -
Enquiries:
The Rank Group Plc
Peter Reynolds, Director of Investor Relations 020 7535 8000
Press enquiries:
The Maitland Consultancy 020 7379 5151
Angus Maitland
Suzanne Bartch
NOTES FOR EDITORS
Information on RLMS
RLMS is one of the UK's leading distributors of coin-operated leisure equipment,
offering sales, rental and maintenance services to a wide variety of UK-based
leisure businesses. Part of Rank since 1990, the business employs approximately
800 staff and is based at Burton-on-Trent.
Information on Rank
Rank is one of the UK's leading leisure and entertainment companies and an
international provider of services to the film industry. Leisure and
entertainment activities include casinos, bingo clubs and on-line sports betting
and gaming, as well as Hard Rock Cafes and global rights to the Hard Rock brand.
Rank also owns film processing, video and DVD duplication and distribution
facilities, all branded Deluxe. Rank operates primarily in the UK and North
America, although it also has activities in continental Europe and other parts
of the world.
This information is provided by RNS
The company news service from the London Stock Exchange
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