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NEWS UPDATE Commercial


Private equity firm acquires Vue cinemas


Private equity firm Doughty Hanson has announced that it is to acquire cinema operator Vue Entertainment in a deal believed to be worth around £450m. The business is currently owned by


Cavenish Square Partners; hedge fund Och-Ziff and the management team, which includes founder Tim Richards. Under the terms of the deal, the exist- ing management team will reinvest in the transaction, which aims to boost Vue’s digital projection roll-out plans. Vue – launched in 2003 – is currently


the third largest cinema operator in the UK with 678 screens across 68 cinemas,


Ministry of Sound tie-up for Luminar


Luminar has revealed that it has teamed up with Ministry of Sound as part of a bid to reverse a decline in revenue. In the six months to the end of August


2010, the nightclub operator reported a 20.8 per cent decrease in overall sales, when compared with the same period the previous year. Meanwhile, admission revenue and


footfall decreased by 26.5 per cent and 19 per cent respectively across the group’s 76 venues against the first half of 2009. Luminar said that the new partnership with Ministry of Sound will deliver events through the Hed Kandi and Dance Nation


Vue Entertainments has been bought out in a deal believed to be worth around £450m


along with two overseas sites – Dublin, Ireland, and SBC Faro Algarve, Portugal. Doughty Hanson’s Julian Huxtable said: “Vue Entertainment is a great company


led by an exceptional, highly experienced management team which has created a strong market position for the company with an exciting future ahead.”


Luminar aims to lure back the punters


brands alongside its “mainstream” offer. The group has also announced that it had signed up live acts, such as Calvin Harris and Basshunter, to perform in its clubs as part of an operational change.


SMG Europe to operate York arts venue CYC assistant director for communi-


York’s Barbican Auditorium is to receive a new lease of life after SMG Europe signed a 30-year agreement with the City of York (CYC) Council to operate the venue. It is hoped the deal between the local authority and the entertainment operator will secure the centre’s long-term future. The 1,500-seat Barbican Auditorium is


now poised to undergo an extensive £2m refurbishment, which is designed to pro- vide improved public and back-of-house areas and a restaurant.


8


ties and culture Charlie Croft said: “It is great that we now have a firm plan for the Barbican to reopen in May this year, with improved facilities and an exciting pro- gramme for everyone in York.” SMG Europe theatres director Nick


Reed added: “To be re-opening and improving a major venue like the Barbican when the rest of the UK cultural sector is bracing itself for cuts and clo- sures is a remarkable story for York.”


Read Leisure Management online leisuremanagement.co.uk/digital


The new-look G Gasino Birmingham


New £1.2m G Casino unveiled in Birmingham


G Casino has oficially opened its new Birmingham venue, following a £1.2m refurbishment of the existing Grosvenor Casino on Broad Street. The 20,819sq ft (1,934sq m) casino


is located at the Fiveways Leisure Complex and features 15 gaming tables and a 100-seat poker room. Private tuition will be available for


poker novices, while the room will be capable of hosting regular tourna- ments. The Gallery, a 46-seat restau- rant, completes the facility line-up. G Casino Birmingham general man-


ager Adrian Frost said: “We’re work- ing hard to remove some of those barriers often associated with casinos and believe the new-look venue offers a fun and friendly atmosphere.”


ISSUE 1 2011 © cybertrek 2011


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