Rank denies Hard Rock sell-off plan

Rank Group has dismissed mounting speculation that its Hard Rock Café chain may be sold off as part of a break-up of the group.

In the wake of last week's departure of chief executive Andrew Teare, it is understood that Luke Johnson, non-executive chairman of Belgo Group, is among those interested in putting in a bid for the restaurant chain.

Last week Rank group reported a drop in both turnover and operating profits for the chain for the third quarter.

A spokeswoman said that the 9.5% fall in operating profits to £72m for the division was due to a fall in merchandise sales. She added that food and beverage profits at the restaurants had risen, but refused to give a breakdown of the figures.

The group's strategy, she said, was to "get rid of businesses that are better off in someone else's hands", but talk of selling Hard Rock was "pure speculation".

Teare, who resigned after the group reported pre-tax profits down 20%, has been temporarily replaced by Douglas Yates, formerly commercial director. The group is considering both internal and external candidates to replace Teare.