Fri, 01 Apr 2011 | BUSINESS SALE
Terra Firma boss Guy Hands is considering selling his Odeon and UCI cinema chain after some rivals made their interest in the brand known.
It is thought Hands wants to repair his damaged reputation for being a successful dealmaker after his acquisition of music company EMI failed. Citigroup bank seized the business when Terra Firma failed to support its debts exceeding £3 billion. Citigroup had supplied the debt to Hands to help fund the £4.2 billion purchase of EMI in 2007. The move was considered to be highly ambitious at the time, before the credit crunch hit.
The failed deal has left Hands’ company with £1.75 billion of losses. If a sale of the cinema chain does proceed, Bank of America Merrill Lynch is expected to manage the auction. It has been speculated that Terra Firma would not accept any less than £1 billion for the chain. Other options being mooted include keeping and refinancing the business with new debts of £600 million.
The Odeon and UCI cinema chain runs about 200 cinemas and 1,850 screens in the UK with a few in Europe. BC Partners has been identified as a leading potential buyer for the chain, which reported takings of £80 million in 2009. Odeon & UCI are the leaders in the cinema industry with 23 per cent of the market; Cineworld and Vue follow with 21 per cent and 17 per cent respectively.
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