LEISURE group Rank looks set to return up to £300m to shareholders as part of a review of its finances.

The group, which owns Grosvenor Casinos and the Hard Rock Cafe chain, is understood to be planning to use most of the £430m it will net from the sale of its Deluxe film processing business for a share buyback.

The group is also expected to announce it is cutting its dividend by about a quarter.

The group has a Mecca bingo hall and Grosvenor Casino at Folly Hall, Huddersfield.

Rank said last week that it had reached agreement to sell Deluxe to American investment firm MacAndrews and Forbes Holdings for £430m.

Deluxe has operations in Hollywood, Toronto, London, Barcelona and Rome, and is the world's largest processor of 35mm film for the motion picture industry.

Rank still has the Deluxe media services arm of the business left to sell, although it is understood to be in talks with a preferred bidder.

Chief executive Mike Smith and his board are carrying out a review of the group's structure.