Rank 'pounds 900m takeover target'

CANDOVER, the venture capital group, is poised to back a pounds 900m bid for Rank Group's leisure businesses from John Garrett, the former head of its leisure division, according to weekend press reports.

The leisure division includes Odeon cinemas and a chain of pubs and night- clubs, as well as the Mecca bingo halls and Grosvenor casinos. Last year the division accounted for about a third of group turnover and profits.

Rank's chief executive, Andrew Teare, resigned last month following a consistently poor performance by the group during his two-and-a-half year tenure.