Update: Gala Coral UK Casino Sale Completed, Rank Becomes Biggest Gambling Group in UK Market

A confirmation arrived this week from Gala Coral that the sale of its UK Casinos to Rank Group PLC has been completed.

The company specified that net proceeds after costs were c. GBP 175 million of which GBP 135 million will be applied as a prepayment of the Term Loan B in accordance with the Group's Senior Facilities Agreement, while the remaining net proceeds will be retained by the Group.

"This transaction has crystallised significant value for Gala Coral's shareholders and debt investors. I would like to recognise the contribution and commitment of the Gala Casino team, and wish them every success under Rank's ownership," Carl Leaver, Group chief executive officer of Gala Coral said regarding the whole process.

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