Rank Group’s retail MD to stand down
The Rank Group has confirmed that Alan Morgan will leave his role as managing director retail on July 31 this year in order to pursue other opportunities.
Rank, the owner and operator of the Grosvenor Casino and Mecca Bingo brands, will begin a search for Morgan’s successor immediately. Chief executive John O’Reilly will assume Morgan’s responsibilities upon his departure.
Morgan (pictured) joined Rank in September 2016 as managing director of the Mecca Bingo business, before taking over responsibility for the entire retail estate in November 2017.
Prior to his time with Rank, Morgan had a two-and-a-half-year spell as chairman of the industry body, the Bingo Association. Before this, Morgan also spent over five years with the Spirit Pub Company, serving as chief operating officer and commercial director.
“I have had a very exciting three years with Rank and feel now is the appropriate time for a new challenge,” Morgan said. “I wish John and the team every success as they continue to work through the transformation plan.”
O’Reilly added: “I would like to thank Alan for all of his hard work in our retail businesses over the last three years. He has been instrumental in leading the transformation plan across the division and he leaves Rank with our best wishes for the future.”
The move comes after Rank in January announced year-on-year drop in overall revenue and profits for the business in the first half of the financial year, despite a jump in digital takings.
The London-listed operator's group like-for-like revenues fell 2.5% to £366.0m (€424.5m/$478.2m) in the six months to December 31, 2018, with takings from venues falling 3.9% to £302.1m.
Rank said its performance continues to suffer from ‘venue declines’ as Grosvenor properties adjust to a tougher UK retail back-drop, featuring tougher KYC checks and a reduced contribution from VIP players.
However, like-for-like revenue for the Rank digital business increased by 5.1% to £63.9m, with total digital revenue up 15.8% to £70.4m.