🍒 Rank buys Gala casinos for £m - Telegraph

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Rank is to pay Gala Coral £m for 26 of its casinos, making Rank the biggest UK casino operator.


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UPDATE 1-Rank ends talks to buy Gala casinos - Reuters
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Rank completes Gala Casinos acquisition | iGaming Business
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Rank Group has reached a conditional agreement to acquire Gala Coral's 23 land-based casinos for a sum of £m, some £45m less than the.


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It appears that the Gala Coral Group Limited are preparing to sell their casinos to rival casino and gambling operator Rank Group Plc for £


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Rank Group has reached a conditional agreement to acquire Gala Coral's 23 land-based casinos for a sum of £m, some £45m less than the.


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The Rank Group is to buy the Gala Casinos business from the Gala Coral Group for £m, making it the largest casino operator in the UK.


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Image caption Rank will become the UK's biggest casino operator. Rank Group, the owner of Mecca Bingo, has bought 23 casinos from Gala.


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Image caption Rank will become the UK's biggest casino operator. Rank Group, the owner of Mecca Bingo, has bought 23 casinos from Gala.


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British bingo and casino operator Rank said it ended talks to buy the casino business of private-equity owned Gala Coral Group as the terms of the proposed​.


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The Rank Group is to buy the Gala Casinos business from the Gala Coral Group for £m, making it the largest casino operator in the UK.


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Rank Group has reached a conditional agreement to acquire Gala Coral's 23 land-based casinos for a sum of £m, some £45m less than the.


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Published on Thu 29 Mar {/INSERTKEYS}{/PARAGRAPH} Now that it is clear that a transaction on terms acceptable to our shareholders cannot be concluded, we are very happy to continue to drive growth from our casinos which are performing very strongly," Gala Coral said. Ian Burke, Rank's chairman and chief executive, said it was "committed to delivering sustainable growth in shareholder value; the proposed terms of the potential acquisition did not achieve this objective". Rank intends to push on with its own expansion plans to open 15 "G", or larger style, casinos by James Hollins, analyst at Investec, described the decision as a "minor disappointment" but said Rank was "right to walk away". {PARAGRAPH}{INSERTKEYS}But following two months of discussions , Rank has terminated the discussions after failing to agree a price that would have been acceptable to its shareholders. Hornby's role has been to revive the bookmaking arm Coral , which he joined after leaving the pharmacy business Alliance Boots, his first employer after he left HBOS. Private-equity owned Gala Coral also blamed the price for the breakdown in talks, sparked after an approach from Rank rather than because it had put the business up for sale. Photograph: Martin Argles for the Guardian. Adding the 24 casinos owned by debt-laden Gala Coral to the 35 already run by Rank, largely through its Grosvenor arm, would have seen Rank leapfrog market leader Genting, the Malaysian group that owns 45 casinos. Rank terminates talks with Gala Coral after failing to agree a price acceptable to its shareholders. Rank has pulled out of buying Gala casinos. Gala Coral will now press on with the relaunch of the website and refurbishment of some casinos. Jill Treanor. Rank, Gala Coral was spun out of Bass in and has had a number of private equity owners since then. Rank pulls out of buying Gala's casino business.