RANK Organisation is to sell its remaining holding in Rank Xerox and a range of non core businesses to raise £300 million sterling as part of a shakeup that will see the creation of a new company, The Rank Group.

The group said today it planned to sell its remaining 29 per cent stake in the office equipment business Rank Xerox "at an appropriate time when the opportunity arises".

Under the strategic review, directed by new chief executive, Mr Andrew Teare, Rank's 23 businesses are being reorganised into four divisions film and entertainment, Hard Rock restaurants, holidays and recreation.