Rank Group Gains Lloyds Bank Revolving Credit Of £25m

Rank Group has agreed to a £25 million (€29 million) revolving credit line with Lloyds Bank, which will be available to the LSE-listed gambling company.

The loan has been made available to Rank for a two-year period, giving the company more liquidity and the ability to accelerate investment in its transformation plan once it is sure that the group is achieving sustainable positive cashflows.

As a result of the transaction, Rank will have more liquidity options, with the Lloyds facility joining its £55 million credit line and £108 million term loan.

Recent trade report

In light of prolonged COVID-19 restrictions, the group provided a trade report last week, stating that their post-lockdown venue performance was better than expected.

The average weekly net gaming income for the six weeks following the reopening of Grosvenor Casino and Mecca Bingo sites was £8.6 million, a 19 percent decrease when compared to 2019 statistics, Rank’s last year of uninterrupted trading.

Returning to business, Rank observed a dramatic drop in client numbers throughout its London Grosvenor locations, which it attributed to persistent limitations on the capital’s late-night economy and a severe slowdown in tourism.

Positives were noted, however, in terms of like-for-like net gaming income outside of London, which was reported as being “close to 2019 levels.”

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About Joe Kizlauskas

Joe is a seasoned iGaming copywriter and speaker who has been in the business since 2015. He's written more words on all elements of iGaming than he likes to remember, and he's contributed material to a number of well-known brands. Joe may be seen playing 5 a side, at the gym or playing games on his Playstation when he is not writing.