Hard Rock May Be sold
Leisure and gaming conglomerate Rank Group said yesterday it may sell its iconic Hard Rock Cafe chain to concentrate on gaming in Britain. Shares in Rank, which last year sold its DVD business and split off its film production unit, rose 2.5% on the London Stock Exchange after it announced a review of the Hard Rock chain’s “potential strategic options.”
Selling the Hard Rock restaurants would leave Rank,Rank, owns 36 casinos and the Mecca bingo chain, which once owned the Odeon Cinema chain and the legendary Pinewood Studios, with just gambling operations in Britain ahead of an expected relaxation in gambling laws in the country.
“Hard Rock continues to trade strongly and is entering a new phase of its development. Accordingly, we have decided to conduct a review of … strategic options,” Rank said in a statement on Tuesday.
The first Hard Rock Cafe opened in London’s Piccadilly in 1971 and there are now 120 outlets in the more than 40 countries. Rank owns about 70 of the cafes while the remainder are operated under franchise.
It has recently been diversifying away from the cafe business and now also lends its brands to restaurants, hotels and casinos.
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