Update on VAT refund claim

RNS Number : 0979T

Rank Group PLC

22 November 2021

 

Business update

The Rank Group Plc
LEI: 213800TXKD6XZWOFTE12

22 November 2021

The Rank Group Plc (LSE: RNK) ('Rank' or 'the Group') provides an update on its VAT refund claim

Rank has reached agreement with HMRC on the quantum of its claim for the refund of VAT paid on slot machine income in the period from April 2006 to January 2013.

The refund has been agreed at £77.5m and should be received by the Group shortly.  Interest is also due on the claim which Rank expects to be circa £5.5m.  Both amounts will be subject to corporation tax at 19%.

Rank intends to use the proceeds to strengthen its balance sheet and to fund continued investment in its transformation programme.

Forthcoming announcements

Rank will announce its interim results on 27 January 2022.

Ends

Contacts:

Rank

Sarah Powell - investor relations                Tel: [phone]

David Williams - public affairs    Tel: [phone]

Media Enquiries:

FTI Consulting LLP (PR adviser to Rank)

Edward Bridges  Tel: [phone]

Alex Beagley  Tel: [phone]

 

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