PRIVATE equity firm Doughty Hanson today announced that it has sold the Vue Entertainment cinema chain for £935m.
The firm had acquired Vue in December 2010 for £450m, more than doubling their investment on today’s sale.
“In the period of ownership, Vue has been transformed from the third largest operator in the UK into a pan-European market leader and one of the largest cinema operators in the world”, said Doughty Hanson.
It has doubled the number of cinemas under its ownership from 70 to 146 and the number of screens has been increased from 678 to 1,321.
Tim Richards, Founder and CEO of Vue, will stay with the business. He said today: “It has been a pleasure to work with Doughty Hanson during this stage of the company’s development. The team has made a major contribution to the ongoing growth and success of the business and I have been very grateful for their commitment and support.
“As the company moves forward I am confident that we do so from a position of real strength. We will continue to build on this success by innovating, enhancing and growing the Vue business through our continuing plan for organic growth supplemented by strategic acquisitions.”