Florida tribe buys Hard Rock chain

An Indian tribe in Florida has bought one of the world's most famous restaurant chains for £490 million.

The Seminole Tribe already runs Hard Rock Cafe franchises in Tampa and Hollywood but will now acquire 124 restaurants across the globe and one of the largest collections of rock memorabilia in the world for its cash.

The chain has been performing well in 2006, with like-for-like sales up six per cent for the year to date including seven per cent increase in food and drink sales and a five per cent rise in merchandise.

"This is a proud moment for the Seminole Tribe of Florida and for all Indian tribes," Mitchell Cypress, chairman of the elected Tribal Council told the Associated Press.

"It is also an opportunity for the Seminole Tribe to diversify its business operations and help a very successful company to achieve even greater growth."

The first Hard Rock Cafe opened in London 35 years ago and has grown to include hotels and casinos as it became a worldwide phenomenon.

One of the more financially successful native American groups, the Seminoles own land in Florida and Oklahoma after being the only tribe to sign a peace deal with the US government back in 1832.