Rank Group to sell Belgian casino business for £25m
Rank Group said on Thursday that it has agreed to sell its Belgian casino business, Blankenberge, to Kindred Group for £25m in cash.
Blankenberge has been Rank's only remaining casino venue in Belgium since it closed its Middlekerke operations in 2017. For the year to 30 June 2020, Blankenberge contributed £2.7m to group pre-tax profit.
Rank said net proceeds from the disposal will used to reduce its net debt position and for general corporate purposes. The sale will also support management's focus on Rank's transformation 2.0 programme to drive improvement across its core businesses, it said.
Chief executive John O'Reilly said: "Today's announcement of the sale of the Blankenberge casino secures the next chapter for a great venue in Belgium and a team that deliver an excellent customer experience to the local community.
"As a standalone casino, the business was non-core to Rank's international growth plans and the £25m sale proceeds supports the group's liquidity and future growth initiatives."