| Journal: TWUK | Section: |
| Title: | Issue Date: 18/09/00 |
| Author: | Page Number: 2 |
| Copyright: Other |
Rank Group to find purchaser for UKdivision
THE RANK Group is expected to announce within the next fortnight that it has found a buyer for its UKHolidays division.
Chief executive Mike Smith has confirmed the firm is in advanced talks with an unnamed company, which industry sources claim is Bourne Leisure Group, owner of domestic operator British Holidays.
Announcing the Rank Group’s interim results for the first six months of this year, Smith said: “We can confirm we have been approached by a number of parties that are interested in acquiring our UK Holidays business.
“One of the parties is in an advanced stage of discussion with us but no agreement on the sale has yet been concluded.”
Rank’s UK Holidays division – which includes the Butlins, Haven, Warner and Oasis brands – saw profits increase from £9.4 million for the first six months of last year to £12 million for the same period this year.
Butlins was the only Rank brand that failed to turn in a profit in this period.
Its overall losses nearly doubled from £5.6 million last year to £10.1 million up to June 30 this year.