Rank, the slimmed-down leisure group that owns the Hard Rock Cafe, dived £142 million into the red after a number of one-off costs hit results.

The group, which last week unveiled the latest in its long-running disposal programme with the £90 million sale of Tom Cobleigh pubs, said exceptional costs for the half year had stacked up to £184.6 million.

This included charges relating to the sale of its 50 per cent interest in Florida theme park Universal Studios Escape, which posted "very disappointing" results, the Cobleigh sale and costs of restructuring its US Deluxe film duplication business.

Overall, pre-tax losses for the half year to June 30 came in at £142.5 million, against a profit of £30.4 million last time.

Turnover came in at £906.1 million against £915.7 million.

Rank's disposal programme has also seen it part with its Odeon cinema chain and Pinewood film studios over the last year, leaving it with a much streamlined business. It is now centred on its gaming operation, which includes Mecca bingo, its chain of Hard Rock Cafe restaurants and the Deluxe operation.

Butlins Family Entertainment Resort at Bognor along with the call centre for holiday firms Haven, Warner, Oasis and Butlins are also parts of the Rank empire.

The potential buyer is understood to be privately-owned caravan operator Bourne Leisure and it is thought the business could be sold for around £500 million.