The owner of Mecca Bingo has said changes to its property portfolio are under way.
Rank Group closed its Wallsend, Tyne and Wear, Mecca Bingo site during the 16 weeks to 16 October in line with its strategy to shut some underperforming clubs. Revenue in the division was static.
The firm said that plans to increase its Grosvenor Casinos estate to 45 UK venues by 2015, were on track. It opened a Stockton-on-Tees site property earlier this month.
In its interim management statement today, Rank Group also revealed that since the start of the year, it had received more than £160m in VAT refunds and associated interest. As a result, at the end of June 2011, Rank had net cash of £37.2m.
Further claims for at least £275m have been submitted, and the group expects that these claims will be resolved by 2014.
The company said: “The board is encouraged by the increasing popularity of the group’s UK brands.”
joanna.bourke@estatesgazette.com
