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Virgin sells its Japanese cinemas

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Virgin is selling its Japanese cinema business in a Y14bn (£75m) deal to Toho, Japan's largest cinema and film distribution company.

Virgin is partnered by Nikko Antfactory KK in its Japanese cinema operation and the transaction, which comes three years after the business was launched, will generate Virgin approximately Y10bn.

The deal includes the eight multiplexes Virgin already owns as well as the new site in Roppongi, scheduled to open in April and which will retain the Virgin brand.

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Virgin is selling its Japanese cinema business in a Y14bn (£75m) deal to Toho, Japan's largest cinema and film distribution company.
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