Rank Group confirms CEO John O’Reilly to retire as CFO Richard Harris steps in

• John O’Reilly will retire as Rank Group CEO on 29 January after seven and a half years in the role.
• CFO Richard Harris appointed interim CEO from 30 January, as formal search for permanent replacement begins.
• Departure follows €7.1 million payment fraud in Spanish operations and £40 million projected UK tax impact.

Rank Group has announced that John O’Reilly will retire as chief executive on 29 January 2026.

The London-listed operator confirmed on Tuesday that Chief Financial Officer Richard Harris will assume interim CEO responsibilities from 30 January whilst a formal search process begins for a permanent successor.

O’Reilly will continue to support the business until the end of the current 2025-26 financial year. His tenure began in April 2018.

Seven-year tenure navigated major challenges

The outgoing CEO joined Rank following a career at Ladbrokes, Gala Coral and William Hill. Within months of his appointment, Rank completed the £115.3 million acquisition of Stride Gaming in October 2018.

Under O’Reilly’s leadership, Rank returned to profitability following the pandemic and implemented land-based gambling reforms. These changes enabled Grosvenor to increase gaming machine allocations and introduce sports betting in casinos for the first time.

The group’s Q1 2025-26 results showed 9% year-on-year revenue growth to £210.2 million. Digital operations led with 13% growth to £61.6 million, driven by 31% growth in Grosvenor digital and 9% in Mecca online. Grosvenor venues posted 8% revenue growth to £102.7 million, whilst Mecca venues achieved 5% growth to £35.5 million.

O’Reilly guided the company through the UK gambling review, though new measures cost the digital arm approximately £1 million between April and June 2025. He was openly critical of the gambling tax increase announced in November.

John H. Ott, chair of Rank Group, said:

“On behalf of the board and everyone at Rank, I would like to express my sincere thanks to John O’Reilly for his leadership of and passion for Rank since his appointment as CEO in April 2018.

“His extensive gambling industry knowledge and experience, as well as deep operational skills have combined to ensure that Rank is well positioned to build on the direction he established. In addition, John has contributed significantly to the betting and gaming industry for decades. We wish him all the very best.”

CFO brings financial expertise to interim role

Harris joined Rank as CFO in May 2022 from senior roles at Foxtons Group, Laird Plc and Marks and Spencer Plc.

Ott expressed confidence in the transition:

“As interim CEO, the board are confident Richard Harris will provide both important continuity and the strategic leadership required to drive the performance of the business and maximise shareholder returns. The board and I look forward to continuing to work closely with him to realise those ambitions.”

O’Reilly commented:

“It has been a privilege to lead Rank for the past seven and a half years. I am proud of all that we have accomplished in that time. I am pleased Richard will take Rank to the next stage of what I am sure is a bright future. I wish the group every success.”

Tax increases and fraud incident compound pressures

The operator faces a £40 million annual reduction in operating profit following November’s budget, which increased Remote Gaming Duty to 40% and General Betting Duty to 25%. National living wage increases add approximately £5.5 million in annual expenses.

O’Reilly previously stated:

“The announced increase in Remote Gaming Duty in the UK Budget represents a very significant blow to the regulated betting and gaming industry in the UK. In the year to 30 June 2025, Rank reported a profit after tax of £44.6 million and paid taxes in the UK of £188 million. That burden will now increase by a further £40 million and we will look to mitigate the impact where possible.”

The leadership change follows approximately two weeks after Rank disclosed payment fraud totalling €7.1 million in its Spanish operations, Enracha and Yo. The group reported the incident to Spanish law enforcement and engaged external legal counsel.

The fraud will be treated as a separately disclosed item in 2025-26 results. Shore Capital revised its net cash estimate downward by £6 million to approximately £44 million.

Expansion through regulatory reforms

Rank is capitalising on August 2025 reforms allowing casinos to install up to five gaming machines per table. The group expects to install 850 additional machines across its Grosvenor estate by end of H1 2025-26, with 471 already operational. The reforms also permit retail sports betting in casinos, with Rank planning to introduce it across 38 Grosvenor locations.

O’Reilly said:

“We have started the year strongly and are confident of delivering group like-for-like operating profit in line with expectations, notwithstanding the significant cost increases we have incurred in employer national insurance contributions, the national living wage and the new statutory levy.”

Strategic outlook under new leadership

Harris will face critical decisions about digital operations following the duty increase. The group will review UK digital operations regarding profitability, investment plans and competitive landscape. Analysts at Peel Hunt noted the duty increase has pushed back the company’s £100 million operating profit target by one year.

Rank will announce interim results on 29 January 2026, coinciding with O’Reilly’s retirement. The company operates 51 Grosvenor Casinos and more than 50 Mecca Bingo clubs across Great Britain, alongside nine Enracha venues in Spain.

The formal CEO search is underway, with the board expected to prioritise candidates capable of navigating increased regulatory scrutiny and fiscal pressures.