Albion exits Picturehouse investments in sale to Cineworld

Albion sold the six venues for a total of around £12.5m, but had received £9.6m in loan stock interest and other payments and loan stock repayments over the course of the investment. Overall, Albion made a capital gain of around £6.5m and reaped a 2.6x multiple on its original investment.

Listed cinema operator Cineworld bough City Screen, which operates the whole Picturehouse chain with 21 venues across the UK, for £47.3m earlier today.

Previous funding
Albion invested £1.2m to develop the Cambridge Arts Picturehouse in 1999. It then invested further funds to develop the Picturehouse at FACT in Liverpool in 2002, the Greenwich Picturehouse in 2004, The Ritzy in Brixton and the Exeter Picturehouse in 2005, and Cinema City in Norwich in 2007.

Additional funds were invested in 2009 to enable the cinemas to become fully digital. In total, Albion invested £8.6m in the cinema chain via various funds.

People
Henry Stanford led the deal for Albion. Lyn Goleby is the managing director of City Screen.

Advisers
Equity – Livingstone Partners (Corporate finance); Marriott Harrison (Legal).

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