|Following the sale of its Hard Rock Café chain to the Seminole tribe of Florida for $965 million (£490 million), British entertainment company Rank Group has announced that it now intends to focus on other areas of its business including its online activities.|
The company has stated that it intends to focus on its online and phone betting businesses together with its casinos and bingo clubs, as it plots a new strategic course.
'Today's announcement sets a clear strategic course for Rank as a focused gaming business,' said chief executive Ian Burke. 'We have established clear plans to capitalise on the changes taking place in UK gaming.'
The Rank Group has sold off a number of its leisure businesses in recent years including Butlin's, Warner Holidays, Odeon Cinemas, Pinewood Studios and pub chain Tom Cobleigh.
Its Hard Rock business made a pre-tax profit of £35m in 2005 and has 132 outlets worldwide. Rank confirmed that it would give £350m of the sale proceeds to shareholders via a special dividend.