Second big payday for Vue cinema chain founder after £935m deal
Tuesday 11 June 2013
The Canadians are taking over the cinema chain Vue in a £935m deal that means a windfall for chief executive Tim Richards and private-equity backer Doughty Hanson.
Omers Private Equity (OPE), the investment arm of Canada's big public-sector pension fund, and Alberta Investment Management Corporation are the buyers.
Doughty claims to have more than doubled its original investment after buying Vue from Lloyds Banking Group in 2010 for £450m and making acquisitions in Germany and Poland. Vue is now the second-largest chain in Europe, with more than 1,300 screens.
Mr Richards, a Canadian, founded Vue in 2000 and made a reported £25m when Doughty bought it. He will stay on, and plans to make more acquisitions.
Mark Redman, OPE's senior managing director, said cinema provides "steady, solid growth". He added: "The death of cinema has been forecast probably since TV came along. But the proof is in the audience numbers."
- 1 Disney heiress Abigail disowns her share of family profits in West Bank company
- 2 The secret report that helps Israel hide facts
- 3 'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
- 4 Ebola virus: UK health officials issue warning to doctors as experts admit the outbreak 'is not under control'
- 5 Ross Burden dead: MasterChef and Ready Steady Cook star dies at age 45 after suffering from cancer
'Women should not laugh in public,' says Turkey's Deputy Prime Minister in morality speech
Richard Dawkins says 'date rape is bad, stranger rape is worse' on Twitter
Ross Burden dead: MasterChef and Ready Steady Cook star dies at age 45 after suffering from cancer
Zayn Malik on Israel-Gaza: One Direction singer bombarded with Twitter death threats after posting #FreePalestine
MH17 crash: Black boxes show plane suffered 'massive explosive decompression' following shrapnel hit
The secret report that helps Israel hide facts
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£350 - £400 per annum + competitive: Orgtel: Project Manager (specializing in ...
£25000 per annum + OTE £40,000: SThree: Orgtel are seeking Graduate Trainee Re...
£45000 per annum + Benefits: Ashdown Group: ** HR Business Partner - Senior H...
£28000 - £32000 per annum + Benefits: Ashdown Group: PA / Team Secretary - Mat...