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Permira in running for Hard Rock?

10 Jul 2006

Permira, the private equity firm which recently pulled out of the bidding war for hotel group De Vere, is apparently turning its attention to Rank Group’s Hard Rock Cafe chain.

The Sunday Times reported that talks between the groups started two months ago, “after an unsolicited approach by Permira”.

It has been estimated that the Hard Rock chain could be worth around £500m if it went to auction.

As recently reported, Hard Rock is currently trading strongly and will be seeking to expand its business in the restaurant, casino and hotel markets. Therefore, the Rank board has decided to review its potential strategic options. Details: www.permira.com

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