FD Peter Gill - the Rank outsider

What's happened

Once famous for its ability to entertain us in its films, cinemas and, of course, bingo halls, Rank Group’s financial story will keep us on the edge of our seats with the announcement of its annual results tomorrow.

It will be the first set of final results for FD Peter Gill since he took the job last July, but he may be wondering if he’ll oversee many more.

Rumours have been circulating that several private equity groups want to buy the group and break it up. This makes sense, as there are parts of the business that are attractive propositions for potential buyers. The Hard Rock Cafés chain and Mecca bingo halls are ripe for purchase, with the Blue Square online betting company and Grosvenor casinos not far behind.

Gill is no stranger to uncertainty, and has certainly seen a few changes in fortunes since he joined Rank last year. It is said that he was originally lined up for the FD’s job at Rank’s Deluxe film company, but quickly plumped for the group role when it became available. Perhaps he anticipated future developments, because Rank announced plans to sell off Deluxe later that year.

What's next

Gill came from a fairly big job with the IT services company Xansa and before that was with Pearson’s Penguin Group. So he might not like the turn of events and seek pastures new, or he might warm to the prospect of working for private equity owners on the best way forward.

A quick exit to provide advice to new owners would see him meet stiff competition. Outgoing CEO Mike Smith is free to perform exactly that role, given that his contract does not prevent it. That leaves Gill with the probable avenue of looking elsewhere to keep his career momentum going.

Leaving a FTSE250 role would put Gill in a good position if a FTSE100 job came up. Rank is a prominent company but, because Gill has only been there a short time, potential employers may prefer him to have more experience at FTSE250 level first. Whatever the outcome in the next few months, Gill is certain to be at the centre of the shake-up.