Mecca owner's shares surge 8.6% after bingo duty cut

Shares in Mecca owner Rank surged 8.6% following the Chancellor's duty cut announcement, which it called "an important boost" for Britain's bingo clubs.

Rank, which operates 97 Mecca Bingo clubs, said that as a result of the duty change it would be able to invest in the development of three new clubs and safeguard the future of a number of existing clubs.

General view of a Mecca Bingo hall in Wandsworth, south west London.
Rank, which operates 97 Mecca Bingo clubs said the announcement was 'an important boost' Credit: Dominic Lipinski/PA Wire

Chief executive Ian Burke said, "By bringing bingo duty into line with other forms of gaming entertainment, the Government has created a basis for renewed investment and innovation."

George Osborne's Budget confirmed the duty on bingo will be reduced to 10%

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