The cinema chain that owns the Swan centre’s flagship cinema ‘Vue’ is trying to find a buyer for the company it has emerged.
The state of the art movie theatre opened in Eastleigh last year and reported an excellent start to trading.
Vue which operates 65 cinemas in the UK and has 20% of the market, is partly owned by LloydsTSB which is looking to reduce some of £260 billion of ‘toxic assets’ it acquired from HBOS in 2008 when it had to seek £37 billion of taxpayer support.
Vue are said to value the company at £440 million although they lease their premises and projection equipment .
Despite the recession the company experienced a good years trading due to interest in digital 3D movies, however it still has around £14 million debt. If no buyer can be found then CEO Timothy Richards will look at other options including refinancing.
The CEO is confident of future prospects saying there is tremendous potential for growth in digital 3D cinema.
However, in a separate but related development last week, both Comet and John Lewis announced that they have started selling 3D TV sets…..