British Firm Buys Balance Of Cafe Chain

Rank Organisation Plc, the owner of most of the world’s Hard Rock Cafes, bought the rest of the rock ‘n’ roll-themed restaurants from the chain’s co-founder for $410 million in cash.

Rank bought 17 restaurants from Peter Morton, who founded the chain in 1971 with Isaac Tigrett. The chain has been split since 1985, when the feuding founders divided worldwide rights.

The purchase, completed Friday, gives Rank, a London-based entertainment and leisure conglomerate, control of all 58 Hard Rock Cafes worldwide. That will allow it to get more directly involved in the music industry, as well as cut advertising and purchasing costs.

“It’s no bargain, but it gives them complete control of a very good brand,” said Wayne Sanderson, an analyst at Merrill Lynch in London.

Morton will continue to run the year-old Hard Rock Hotel and Casino in Las Vegas. He is also licensing the rights to develop more Hard Rock-based casinos in the future.