Thu, 21 Feb 2013 | BUSINESS SALE
Rank has been granted permission to purchase 19 of Gala’s 23 UK casinos by the industry regulators.
The Competition Commission released their final report this week after a provisional ruling in December, which said Rank would have to sell a Liverpool casino, but it is now allowed to retain the venue.
Rank, which runs the Grosvenor Casinos and Mecca Bingo chains, initially agreed a £205 million deal to buy 23 Gala casinos and a further three operating licences in May. The move would have enabled Rank to dominate the UK market.
The industry watchdog said this week that Rank cannot take on four Gala sites in Aberdeen, Bristol, Cardiff and Stockton-on-Tees. These casinos generate about £4 million a year. Rank will also have to sell its ‘cold licence’ in Edinburgh, which is an unused right to run a casino.
Prof Martin Cave, deputy chairman at the Competition Commission told the Financial Times: “The excluded casinos are all profitable, and so we believe they will continue to act as viable competitors in these areas.”
If successful the acquisition will mean that Rank’s sole UK rival is Malaysian-owned Genting casinos.
It was previously reported that Gala Coral, owner of Gala, had been considering breaking up and disposing of its business back in February 2011, and that it would retain its core operations Coral bookmakers.
____________________________________________________________________________
Related news:
Gala Coral exploring sell-off options
Going for gold with your business acquisition success strategy
This well-established company is a leading provider of recruitment services and staffing solutions in the care industry, boasting a large portfolio of highly trained staff and lasting relationships with over 135 clients. With 75% of its revenue from...
This company offers a unique blend of consultancy services and software platforms to enhance data utilisation and decision-making within the construction industry, boasting a strong client base of nationwide Tier 1 contractors. With plans to expand i...
This successful steel manufacturing and installation company boasts a well-established client base with over 20 years of loyal, repeat business, largely driven by word-of-mouth referrals. With minimal marketing efforts to date, the business presents...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.