Richardson family lifts Rank stake - report

LONDON (Thomson Financial) - The Richardson family has secretly upped its stake in Rank Group Plc., the embattled casino and bingo operator, to more than 11 pct from 9.3 pct, the Sunday Times reported.

The Richardsons, who have built an estimated 500 million pounds fortune from haulage and property, have been amassing the stake using derivatives known as contracts for difference, through a vehicle called Richardsons Capital.

Rank's shares slumped by more than 10 percent last week following the resignation of Rank's finance director and a statement from Malaysian group Genting, owner of an 11 percent stake in the gaming company, which ruled itself out from making a bid for the group.

Another big investor in Rank is Guoco, a Singaporean group, which could yet make an offer for the business, the report said.

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