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.
A Norwich-based business which started as a “man with a van” operation is eyeing further expansion after seeing its predicted turnover increase from £6,000 to £340,000 within five years.