Rank Group confirmed on Thursday that it is in talks over a potential equity raise.

Responding to recent press speculation the company said in a brief statement: The board continuously reviews the group’s financial position and confirms it is in discussions with its advisers regarding a potential equity issuance of up to a maximum of 19.9% of its issued share capital.

“Such an equity issuance would be intended to strengthen Rank’s balance sheet in this unprecedented trading environment. There can be no certainty that the equity issuance will proceed.” Rank Group said it will provide a further update as appropriate.