The beleaguered Rank Group, who operated Mecca Bingo both land-based and online, pretty much went through a really hard time financially last year, there were constant threats of take-over from various large concerns trying to squeeze into their operations, believing that by bailing them out they would be able to obtain shares cheaply.
But the group stood their ground, selling a small, almost negligible share to a Malaysian operator and fending off any other offer.
There has been talks about them transferring their pension fund and the bingo and gaming operating company has done just this. The reason for the transfer of the pension plan is that the Rank Group will no longer have to make regular scheduled contributions of £30.8m to the pension plan and they will also be given a cash payment of at least £20m which will surely make a difference to their bottom line in the long run.
If nothing you have to take you hat off to rank group for remaining loyal to their UK employees and putting up the fight to keep their bingo clubs open. Their recent petition to Government regarding unequal taxation is proof of the fact that they seriously consider their bingo business to be something special.