Scunthorpe cinema could be set to have new owners

By Scunthorpe Telegraph | Posted: 14 Nov 2017

Scunthorpe’s Vue Cinema could soon have a new set of owners.

For the South Korean firm of CJ-CGV is reported to be considering a £2 billion takeover of Vue International, Britain’s third-largest cinema chain.

Vue is currently owned by Canadian pension funds Omers and Aimco, who are expected to start discussions in the new year with a number of investors.

Last year Vue reported a trading loss of more than £103 million.

Read more: Who owns the most property in North Lincolnshire? Data released for the first time by the Land Registry

CJ-CGV is said to have appointed investment bankers to advise it on a a potential bid.

South Korean firm CJ-CGV are reported to be considering a takeover of cinema chain Vue International

If the deal comes off, it will be fourth change of owners for the Scunthorpe cinema since it was opened 15 years ago at a cost of £5 million.

The seven-screen, 1,500-seater complex in the Parishes shopping centre was built by the Texas-based Cinemark chain.

Two years later it was sold to UCI and then, to Vue.

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