) | |
| Type | Private |
|---|---|
| Industry | Movie theater |
| Fate | Sold to UGC |
| Predecessor | MGM Cinemas |
| Successor |
|
| Founded | 1995 United Kingdom |
| Founder | Richard Branson |
| Defunct | 2002 |
| Parent | Virgin Group |
Virgin Cinemas was founded in 1995 when Richard Branson's Virgin Group acquired MGM Cinemas,[1] the largest movie theatre operator in the United Kingdom.[2] Virgin Group bought the cinemas for £195m, and subsequently sold 90 of the chain's smallest cinemas to Cinven and ABC for £70m to concentrate on multiplexes.[2]
In late 1999 Virgin announced that it would sell its cinema interests in Britain and Ireland to UGC, in which French entertainment and utilities giant Vivendi has a 38% controlling share.[3] Virgin sold the chain for £215m, making them a profit of £90m, and all the cinemas were to be rebranded to UGC. The company did strike a long-term deal, however, for UGC to continue to sell Virgin Cola.[2]
The group continued to operate a Virgin Cinemas Japan unit, and announced, also in late 1999, that it would spend up to US$200 million to develop 20 multiplexes in Japan by the early 21st century; a number of Virgin multiplexes in the United States were also under consideration.[2] Despite this, the company closed down in late 2002 as it was sold to Toho, forming Toho Cinemas.
References
- ^ "Virgin". Tiscali.co.uk. Archived from the original on 2009-10-08. Retrieved 2010-11-02.
- ^ a b c d "Virgin Group - Company History". Fundinguniverse.com. Retrieved 2010-11-02.
- ^ [1]