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Rank’s share price rocked

SHARES in the troubled Rank Group took a 10.4% tumble following a profit warning from Planet Hollywood, the US rival to Rank’s Hard Rock Café chain. Rank’s shares, which fell to 307.25p, are at their lowest since 1993, putting increasing pressure from shareholders on chief executive Andrew Teare to pull the group out of the doldrums.

Granada shares dropped by 7% as disapproval from some major shareholders over compensation paid to directors for reducing notice periods was further fuelled by a report by the National Association of Pension Funds. The report suggests shareholders demand return of the compensation.

Shares in City Centre Restaurants continued to slide, by 4.2% this week to 112.5p following last week’s profit warning over sales at its Deep Pan Pizza chain.

Regal Hotels, which has put its George Hotel in Chepstow up for sale for £600,000, gained 2.4%, while Hanover International shares jumped by 6.4%.

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