see all jobs
Odeon and UCI look to star in multi-million takeovers
Two of the biggest UK cinema chains could soon have new owners, as property investor, Robert Tchenguiz and ex-Carlton chair, Michael Green, move closer to acquisitions within the silver screen market.
Tchenguiz’s Rotch Property group and Entertainment Group – an independent film distributor – were last week given first option to buy the remaining 47 per cent of the Odeon cinema chain from WestLB, the troubled German bank.
Meanwhile, Green is jointly bidding for the UCI chain with the Reuben brothers, through his investment vehicle, Tangent Industries.
The deals could result in the biggest shake up of the sector for more than a decade.
UCI has 380 screens around the UK and was put up for sale by its owners, Vivendi Universal and Paramount Pictures, last year.
Odeon, with 900 screens in the UK, has a 22 per cent market share. It was bought buy WestLB last March in a deal worth £420m.
While Tchenguiz and his cohorts look certain to take over Odeon, Merrill Lynch, the bank handling the sale of UCI, is still drawing up a shortlist of interested bidders.
Vue Entertainment and other private equity firms, including Terra Firma and BC Partners, are also believed to have forwarded a bid over the £250m threshold. Details: www.odeon.co.uk
More News
- News by sector (all)
- All news
- Fitness
- Personal trainer
- Sport
- Spa
- Swimming
- Hospitality
- Entertainment & Gaming
- Commercial Leisure
- Property
- Architecture
- Design
- Tourism
- Travel
- Attractions
- Theme & Water Parks
- Arts & Culture
- Heritage & Museums
- Parks & Countryside
- Sales & Marketing
- Public Sector
- Training
- People
- Executive
- Apprenticeships
- Suppliers