January 31 2015 Latest news:
Friday, January 10, 2014
The UK’s largest cinema operator is buying about 100 multiplexes in eastern Europe and Israel in a cash and shares deal worth about £500m.
Cineworld, which owns Cinema City in Norwich, is buying the outlets from Cinema City International (CCI), which is listed on the Warsaw stock market.
The UK company will pay CCI £272m in cash, and has launched a £110m rights issue to help fund the purchase.
Cineworld chairman Anthony Bloom called the deal “an exciting and unique opportunity” for his company.
Audiences in eastern Europe are growing fast.
Around 2,000 Tesco workers discovered their jobs were at risk after the supermarket giant disclosed the locations of 43 store closures including two in Essex - a Homeplus store at Chelmsford and a smaller store in Heybridge.