 | |
| Company type | Private |
|---|---|
| Industry | Movie theater |
| Predecessor | MGM Cinemas |
| Founded | 1995; 30 years ago (1995) United Kingdom |
| Founder | Richard Branson |
| Defunct | 2002; 23 years ago (2002) |
| Fate | Sold toUGC |
| Successor | |
| Parent | Virgin Group |
Virgin Cinemas was founded in 1995 whenRichard Branson'sVirgin Group acquired MGM Cinemas,[1] the largest cinema operator in the United Kingdom.[2]Virgin Group bought the cinemas for £195m, and subsequently sold 90 of the chain's smallest cinemas toCinven and ABC for £70m to concentrate on multiplexes.[2]
In late 1999 Virgin announced that it would sell its cinema interests in the UK and Ireland toUGC, in which French entertainment and utilities giantVivendi has a 38% controlling share.[3] Virgin sold the chain for £215m, making them a profit of £90m, and all the cinemas were to be rebranded to UGC. The company did strike a long-term deal, however, for UGC to continue to sellVirgin Cola.[2]
The group continued to operate a Virgin Cinemas Japan unit, and announced, also in late 1999, that it would spend up to US$200 million to develop 20 multiplexes in Japan by the early 21st century; a number of Virgin multiplexes in the United States were also under consideration.[2] Despite this, the company closed down in late 2002 as it was sold toToho, formingToho Cinemas.
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