Vue buys Ster Century for 50m [pounds sterling]

June 2005

Vue Entertainment, the UK cinema developer, acquired the seven-strong Ster Century UK and Ireland cinema chain in a deal believed to be worth around 50m [pounds sterling], backed by private equity groups Boston Ventures, Clarity Partners and L&G Ventures.

The deal will give Vue a total of 496 screens in the UK, across 49 multiplex sites.

Tim Richards, Vue's chief executive, said: "Our plan right now is to focus on our existing estate and make it an even better experience. We're going to introduce licensed bars in some of our sites."

Richards also confirmed that Vue plans to look at further sites for development potential: "We'll be looking at opportunities right across the market. We'll be opening up three cinemas this year and another six next year. Our goal is not to be the biggest--it's to be the best."

Jonathan Scherer, chairman of Ster Century, said: "The sale of our company to Vue will place the circuit we have built in good hands. Being part of Vue allows them new opportunities to progress and we are very proud of our teams' performance since we bought the circuit in 2003."

The rebranding is expected to take 10-12 weeks to complete. Ster Century, which has sites in cities including Dublin and Cardiff, was sold by a consortium including the group's management and Hutton Collins, the debt provider.

Copyright 2005 William Reed, Ltd.219

Copyright 2005 Gale Group, Inc.
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