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Rank Group Possible Takeover of Gala Coral

Rank Group Possible Takeover of Gala Coral

Written by: ava carson on 30/01/2012 17:40
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Rank Group who owns Mecca Bingo Clubs bids for Grosvenor Casinos for £250m. Currently in talks, if the sale is successful Rank Group would become the UK’s biggest gambling operator.

It is too early to predict the outcome as the two groups are still in the early stages of negotiations.

Gala Coral has been faced with financial difficulties was taken over by creditors in 2010 in a restructuring deal. They recently reported a net debt of £1.2bn.

Rank who has had a long time interest in the Gala casinos was halted when they were purchased by their biggest shareholder Malaysia’s Guoco.

If the deal goes through Rank’s executive chairman Ian Burke plans to expand Grosvenor casino chain to 45 venues by 2015. 

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