Rank sells holiday businesses

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The Independent Online

Rank is selling its three Butlins holiday resorts, 57 Haven parks, 13 Warner hotels and Oasis holiday village to rival Bourne Leisure for £700 million, the leisure group said.

Rank is selling its three Butlins holiday resorts, 57 Haven parks, 13 Warner hotels and Oasis holiday village to rival Bourne Leisure for £700 million, the leisure group said.

Bourne Leisure is a privately-owned company with 20 holiday parks.

Analysts originally valued the deal at between £500 million to £600 million but the City liked the deal and Rank's shares soon rose four per cent to 158p.

Rank has recently disposed of its Odeon cinema chain, Pinewood Studios, and its 50-per-cent stake in Universal Studios, the Florida theme park. The group is concentrating on its gaming operation, which includes Mecca bingo, its chain of Hard Rock Cafe restaurants, and its Deluxe film duplication operation.

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