Huge cinema chain with 16 UK sites on brink of huge £55m change | UK | News
The sale of a giant cinema chain with 16 venues across the UK may now be a step closer, according to reports. Showcase Cinemas is an international chain of movie theaters currently operating in the United States, Brazil, Argentina and Britain.
However, its owner, Paramount, put UK cinemas up for sale last year to make things easier for them following the merger with Skydance. Times is now reporting that UK cinema and entertainment operator The Light is closing in on a deal to buy the cinema houses. Reports suggest that the cinema business in the UK could cost around £55 million.
Owned by entrepreneur and investor Luke Johnson, The Light already has a significant presence in the cinema space, operating 13 cinemas and entertainment venues across Britain.
In addition to showing the latest movies, the sites also offer a variety of leisure activities such as bowling, darts, mini golf and karaoke.
The company is reportedly taking a close look at Showcase’s British property, which includes a 17-screen megaplex at the Bluewater shopping center in Kent, according to the newspaper. If The Light acquires locations, it will more than double the size of the theater.
Such a deal would mark further expansion following the company’s acquisition of bowling alley chain All Star Lanes in 2025.
A number of other parties are said to be involved in negotiations over the purchase of Showcase’s UK theaters, including Frasers Group.
The outlet notes that talks are believed to be at a relatively advanced stage, although there is no guarantee that an agreement will be reached.
A spokesperson for The Light said: Daily Screen: “Some rumors seem a little premature” but they did not deny the story.
The outlet said sources contacted by it expect the deal to be approved early next month. Showcase’s cinemas outside the UK are unaffected.
The Times said they approached The Light and Luke Johnson of Frasers Group for comment, but they declined. Express.co.uk has approached Paramount for comment.
