Vue Entertainment completes Apollo Cinema acquisition
Cinema chain Vue Entertainment has completed its acquisition of Apollo Cinemas, after the deal was approved by the Office of Fair Trading (OFT).
OFT said the London-headquartered firm must divest its interests in four Apollo cinemas in Fareham, Port Talbot, Burnley and Morecambe, because of concerns over competition in these areas.
OFT said it would accept the deal after Vue proposed the sale of four cinemas to Loughborough-founded company, Reel Cinemas.
Apollo posted revenues of £19.4m in its latest trading statement for the year ending March 2012, while Vue’s turnover reached £281.1m for the year ending November 2011.
Tim Richards, CEO of Vue said: “We are delighted to have acquired the Apollo Cinemas multiplex circuit. These high quality cinemas perfectly complement Vue’s existing circuit of 71 cinemas.”
Simon Gregg for Apollo Cinemas UK also commented: “I believe that the sale of my late Mother’s company to Vue will place the circuit in good hands.
“We are very proud of what we have achieved and wish all our employees even more success in the future.
“Being part of Vue allows them new opportunities to progress their careers with the UK’s leading cinema company.”
In a statement, OFT added: “The OFT considers that the undertakings offered by Vue and the purchase of the divestment cinemas by Reel are clear cut and appropriate to remedy, mitigate or
prevent the competition concerns identified in the Decision.
“The OFT therefore gives notice that it proposes to accept undertakings in lieu in the form of the proposed undertakings.”
This was posted in Bdaily's Members' News section by Miranda Dobson .