Private equity company Terra Firma, who control the Odeon/UCI cinema chain have purchased 9 existing Irish cinemas alongside the lease for two new cinemas from Entertainment Enterprises, the company controlled by the Butler brothers
The deal includes a number of cinemas already being managed by UCI including Blanchardstown, Coolock and Newbridge plus the Storm cinemas in Cavan, Portlaoise, Limerick, Naas, Waterford and Stillorgan.
The group has also signed a lease for 2 new cinemas, a multiplex in Charlestown and a 6 screen cinema next to the O2/Point Depot in Dublin, there are discussions to include an IMAX cinema screen that will seat 400 people at the O2/Point complex.
Speaking of the investment Guy Hands, chairman of Terra Firma said "Following the recent successful bond issue, we are delighted that Odeon and UCI is making this acquisition which will help drive further earnings growth and further consolidate its position as the number one cinema business in Europe".