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. Read more!