Cineworld snaps up Picturehouse
The movie giant Cineworld has swallowed up the arthouse group Picturehouse, making its co-founder Lyn Goleby a multimillionaire.
Cineworld spent £47.3m buying Picturehouse, which has 21 sites, including Brixton's Ritzy, Aberdeen's Belmont and Southampton's Harbour Lights.
Steve Wiener, Cineworld's chief executive, promised Cineworld Picturehouse's managers were staying on and would retain "complete autonomy on film programming".
"I don't want to make any changes. It's a profitable organisation and I want to leave it alone and let it continue making a profit and entertaining the public," he said. "The demographic profile of people that go to the cinema is getting older. They like arthouse cinemas, and we wanted to have a piece of that," he said
Ms Goleby, who founded the chain with Tony Jones in 1989, is reinvesting £1m in the £16m share placing Cineworld is using to fund the deal. Other shareholders include Arts Alliance. Shares in Cineworld rose 8.75p to 255p.
- 3 The enemy within: People who hear voices in their heads are being encouraged to talk back
- 4 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
- 5 British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...