 | |
| Company type | Private |
|---|---|
| Industry | Movie theater |
| Predecessor | MGM Cinemas |
| Founded | 1995 United Kingdom |
| Founder | Richard Branson |
| Defunct | 2002 |
| Fate | Sold to UGC |
| Successor | |
| Parent | Virgin Group |
Virgin Cinemas was founded in 1995 when Richard Branson's Virgin Group acquired MGM Cinemas, [1] the largest movie theatre operator in the United Kingdom. [2] Virgin Group bought the cinemas for £195m, and subsequently sold 90 of the chain's smallest cinemas to Cinven and ABC for £70m to concentrate on multiplexes. [2]
In late 1999 Virgin announced that it would sell its cinema interests in Britain and Ireland to UGC, in which French entertainment and utilities giant Vivendi 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 sell Virgin 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 to Toho, forming Toho Cinemas.
References
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