The Rank Group, owner of U.K.'s Mecca Bingo and Hard Rock Cafe chains, recently inked a deal to sell several of its bingo parlors located across the country. The sale follows a recent announcement by Rank that revenues for its 14 Scottish bingo clubs had dropped by 14% since the implementation of the smoking ban in Scotland in early March. According to the group's officials the move is intended to reduce Rank's financial debts.

Under the deal, signed with Earth Estates and Solarus Estates, Rank will reportedly sell four casinos and 40 of its 117 bingo parlors for £172 million (~$315 million). The bingo venues will then be leased back to Rank for £11.2 million (~$20,5 million) per year. The transaction follows Rank's sale of its Deluxe Media and Film branch. The bingo operator is also reportedly considering selling its Hard Rock Cafe chain.