Rank Settles Mecca Dispute
14 Sep 2004
LONDON -- As reported by Reuters: "Rank Group says it is paying 18.9 million pounds (US$33.97 million) to settle a dispute dating back to 1993 stemming from its takeover of Mecca Leisure two years earlier.
"Rank has been in conflict with Serena Holdings about minority interests in various businesses, principally Hard Rock cafes, which Mecca acquired when it bought Pleasurama in 1988.
"…Rank said it would account for the 18.9 million pounds by adjusting the purchase price of the earlier acquisition and, so there would be no impact on its profit and loss account…"