Rank weighs sale of nightclubs in bid to refocus its business

Article Abstract:

Rank Group PLC is hoping to raise approximately 21 million pounds sterling, or $34.9 million, by selling 19 of the company's 53 nightclubs. The move is part of the company's plans to reconcentrate its business on core brands. The 21-million-pound-sterling price tag seems fair because the nightclubs supposedly raise operating profit of about three million pounds sterling annually, according to analysts. Rank Group, which stressed that its portfolio has raised a good level of interest, has issued about six copies of the initial prospectus to interested buyers. Luminar, Chorion and Northern Leisure all deny they are interested to tender offers.

Comment:

Is hoping to raise approximately GBP21 mil, or $34.9 mil, by selling 19 of this co's 53 nightclubs

Asset sales & divestitures, Drinking Places, Drinking Places (Alcoholic Beverages), Bars (Drinking establishments), Rank Group PLC

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Whitbread, Allied Domecq to merge shops in U.K

Article Abstract:

Whitbread PLC and Allied Domecq have agreed to consolidate their beer and wine stores in the US into a single firm in a move to compete better with supermarkets. Industry experts lauded the move as sensible, but noted that the primary benefits are to come from cost savings since the new firm, which is set to start operating on Aug. 30, 1998, is unlikely to affect the market share of supermarkets. Whitbread's Threshers segment and Allied Domecq's Victoria Wine operations nearly have 3,000 off-license shops between them, 300 of which are to be shut down over the next three years as part of the venture.

Comment:

Whitbread agrees to merge its beer stores w/ this co's wine outlets into a single firm in the US in a move to compete better

United States, Acquisitions & mergers, Beer & Other Malt Beverages, Breweries, Malt beverages, Whitbread PLC, Allied Domecq PLC

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