Rank Group furloughs 90% of UK staff
More than 7,000 staff have been furloughed as the operator battens down the hatches during the Covid-19 crisis.
UK.- Casino operator Rank Group Plc. has furloughed nearly 90 per cent of UK employees after the closure of venues due to the Coronavirus lockdown.
According to the company, 7,000 out of 7,600 employees have been furloughed but will receive 80% of their salary, via the government’s job retention scheme.
Directors of Rank Group will voluntarily cut their pay by 20%.
Rank saw a 4 per cent decline in like-for-like net gaming revenue for three months through March, while total gaming revenue went up by 5 per cent.
If it is forced to keep its venues closed for a prolonged period of time, the group’s annual underlying operating profit could fall between £48million and £58million.
“Given the uncertainty we face and continued social distancing measures likely to be in place for some time to come, we continue to work to protect cash and to prepare for the reopening of our venues in as safe a way as possible”, the Group’s Chief Executive, John O’Reilly, said.
He also stated that despite the impact the lockdown had on the business being significant, the group maintains its responsibilities and plans to meet bank agreements by the end of June.
“I am enormously proud of our colleagues and how they have responded to the decisions we have had to take as well as their selfless response and contribution to the national effort.
“We know how important our venues are in many local communities and we’ve answered the call to contribute by stepping up to help those who need it most right now,” he added.
