Floydd to step down as chief financial officer of Rank Group

Floydd tendered his resignation and it is anticipated that he will leave the Grosvenor Casinos and Mecca Bingo operator at the end of 2021.

Floydd became chief financial officer of Rank in November 2018, prior to which he served in the same position for Experian UK and Ireland for just under five-and-a-half years.

Earlier in his career, he also worked for Capita, Logica and PricewaterhouseCoopers.

“I have thoroughly enjoyed my time at Rank and feel that now is the right point at which to pursue my next opportunity,” Floydd said. “Whilst the last 18 months have been an extraordinary period for everyone, I am confident that Rank will go from strength to strength now that it is back open for business and the team continue to deliver on the group’s transformation programme.”

Rank chief executive John O’Reilly added: “Bill has been an excellent CFO since joining Rank shortly after I joined in 2018 and I will be sad to see him go. He has helped secure the Group’s liquidity and future through the pandemic and will leave Rank in excellent financial shape. 

“I wish Bill all the very best with his next venture and look forward to securing his replacement over the coming months.” 

The announcement comes after this week it was confirmed that Her Majesty’s Revenue and Customs declined to appeal a ruling from the First-tier Tribunal Tax (FTT) Chamber regarding the application of VAT to B2 gaming machine revenue.

The decision means Rank was able to agree a 60-day extension with the FTT to allow the operator to settle its refund claim with HMRC, with Rank expecting to receive a fee in the region of £80m.

Also this month, Rank revealed that its revenue was cut in half during the 2020-21 as the operator felt the impact of the novel coronavirus (Covid-19) pandemic.

Rank’s operating loss for the year also widened from £49.1m to £92.9m.