Odeon sees losses widen

ODEON, Europe’s largest cinema chain, has seen its losses widen to £70m last year, up from £44m in 2010, according to the latest accounts published on Companies House.

The group, which runs 2,153 screens in 231 cinemas in Europe, reported a 12 per cent rise in group turnover to £725m last year.

The £70m loss was largely attributed to the cost of a £475m bond issue last year that was used to fund a series of acquisitions, mostly in Spain and Italy.

Odeon & UCI, owned by Terra Firma, the private equity firm founded by Guy Hands, said it suffered a weaker first half in 2011 compared to 2010 when the box office hit Avatar was released, but this was offset by a strong footfall over Christmas.