Rank confirm Gala acquisition talks
The Rank Group Plc have confirmed that they are in talks with the Gala Coral Group over a potential purchase of Gala’s casinos.
Speculation had been rife over the last few days regarding a possible £250m deal and, while Rank make it clear that terms have yet to be agreed, a short statement published on their website is the first official confirmation that discussions have taken place.
It is understood that any deal would see Rank merge its chain of 35 Grosvenor Casinos with Gala’s 24 outlets.
Gala Coral revealed last month that they have net debts totalling £1.3bn.
The full Rank statement read:
“The Rank Group Plc (“Rank”) notes the recent speculation concerning Gala Casinos. Rank confirms that it is in discussions with Gala Coral Group (“Gala”) about a potential acquisition of Gala’s casino business. The terms of any such acquisition have not yet been finalised and there is no certainty that any transaction will occur. A further announcement will be made in due course.”
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