Virgin Cinemas
Encyclopedia
Virgin Cinemas was founded in 1995 when Sir Richard Branson's Virgin Group
acquired MGM Cinemas, the largest movie theatre operator in the United Kingdom. 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.
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. 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.
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. Despite this, the company closed down in late 2002.
Virgin Group
Virgin Group Limited is a British branded venture capital conglomerate organisation founded by business tycoon Richard Branson. The core business areas are travel, entertainment and lifestyle. Virgin Group's date of incorporation is listed as 1989 by Companies House, who class it as a holding...
acquired MGM Cinemas, the largest movie theatre operator in the United Kingdom. Virgin Group
Virgin Group
Virgin Group Limited is a British branded venture capital conglomerate organisation founded by business tycoon Richard Branson. The core business areas are travel, entertainment and lifestyle. Virgin Group's date of incorporation is listed as 1989 by Companies House, who class it as a holding...
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.
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
Vivendi
Vivendi SA is a French international media conglomerate with activities in music, television and film, publishing, telecommunications, the Internet, and video games. It is headquartered in Paris.- History :...
has a 38% controlling share. 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.
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. Despite this, the company closed down in late 2002.