Scunthorpe cinema could be set to have new owners
The Vue Cinema in Scunthorpe town centre could be set to get 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.
CJ-CGV is said to have appointed investment bankers to advise it on a a potential bid.
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.