Mecca Bingo-owner Rank Group and N Brown seek shareholder aid

Meccs Bingo-owner Rank Group and retailer N Brown have become the latest companies to tap shareholders for emergency cash.

Rules introduced this year allowed companies to raise money equivalent to almost 20 per cent of their market value through a fast-track placing.

Gambling group Rank is in talks to sell around £70million of new shares to bolster finances. 

Cash call: Mecca Bingo-owner Rank Group is in talks to sell around £70m of new shares to bolster finances

Cash call: Mecca Bingo-owner Rank Group is in talks to sell around £70m of new shares to bolster finances

Cash call: Mecca Bingo-owner Rank Group is in talks to sell around £70m of new shares to bolster finances

The firm, which also owns the Grosvenor Casino chain, is currently valued at about £340million and is bracing for a hit during the second lockdown.

In the year to June, profits dropped 26 per cent to around £35million. The company is majority-owned by Malaysian group Hong Leong.

Simply Be and Jacamo retailer N Brown is looking to raise £100million to move from the London Stock Exchange’s main market to AIM. 

It said it needs ‘firepower’ to invest in its website. Revenue at the size-inclusive chain fell 18 per cent in the 26 weeks to August 29. Profits dropped 25 per cent.

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