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Rank ready to gamble £250m for Gala’s 24 casinos
Mecca Bingo owner Rank is preparing to stake £250 million on a deal to buy the casino arm of rival Gala Coral.
The move would see Rank create the UK’s biggest operator by merging its 35-strong Grosvenor Casinos chain with the 24 outlets owned by Gala.
According to reports, talks involving the two companies were at an advanced stage and could be completed in time for Rank’s interim results on 9 February.
Such an acquisition would accelerate Rank’s plans to have 45 Grosvenor outlets by the end of 2015 through the faster roll-out of its G-Casino format, which attracts a younger, less formal crowd. The business, which employs more than 3,000 people, has all but four of its casinos outside London.
A sale of the casinos would allow Gala Coral to concentrate on its Gala bingo and Coral bookmaking divisions.
The company has been seen as ripe for a break-up since a big debt restructuring in 2010 saw many lenders left with shares in the company, fuelling speculation that Rank would look to buy the casinos.
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