Friday, June 5, 2020

TO SELL OR EXPAND? A DILEMMA FOR U.K.’S LARGEST EXHIBITOR

May 3, 2011 by · Leave a Comment 

The Odeon/UCI chain, the largest motion picture exhibitor in the U.K., is in separate talks that could yield either of two different outcomes: sale of the company or the procurement of $1 billion in new debt to expand it further, Britain’s Guardian newspaper reported today (Tuesday). Odeon chief Rupert Gavin told the newspaper, “The priority now is refinancing to allow us to do a series of acquisitions. … We want to double the size of the company.” But the company’s owner, Terra Firma, may have a different priority, the Guardian observed, noting that its founder, Guy Hands may be looking for a way to recover from a financial disaster when Citigroup seized its EMI music company earlier this year — and that selling the theater chain, given its current valuation, would give him that shot.