Fri, 07 Dec 2012 | BUSINESS SALE
Cineworld has purchased rival cinema chain Picturehouse in a deal worth £47.3 million.
The sale, which was put through in an all-cash deal, will add the 21 Picturehouse cinemas around the country to Cineworld's existing 80 sites. In addition to the cinemas themselves, the deal will include the distribution arm Picturehouse Entertainment, which launched in 2010 with My Afternoons with Marguerite, which grossed around £200,000.
A share flotation by Cineworld is being used to raise around £16 million to fund the acquisition.
Stephen Wiener, chief executive of Cineworld, commented: “This acquisition gives us an opportunity to accelerate our growth by reaching new audiences in a high value and growing part of the market.”
The sale bought up some concern about the future of Picturehouse. The smaller company is known for predominantly showing independent and foreign movies, while Cineworld focuses on blockbusters.
However, Lyn Goleby, managing director, commented: “The unique character of Picturehouse cinemas will remain, and our team will continue to bring the widest range of film to customers.”
The sale comes just as Picturehouse opened its 21st cinema, The Duke's at the Komedia cabaret venue in Brighton.
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