72m deal to bring back ABC cinemas

The ABC cinema brand is to be brought back to the UK high street by former managing director of MGM cinemas Barry Jenkins, who will announce the purchase of 90 MGM sites from the Virgin Group next week.

Jenkins has put together a consortium to buy the sites for an estimated 72m with backing from venture capital company CINven.

Jenkins plans to rebrand the MGM cinemas under the ABC name, which has been absent from the UK for ten years.

He acquired the rights to the ABC name when he was managing director of MGM in the Eighties.

It is understood that Jenkins will seek to add mid-sized multiplex sites to the ABC chain, using MGM’s 1,200-seat Southampton site as the model.

Virgin bought the 119-strong MGM Cinemas operation for 195m in July 1995, with plans to sell off 30 of the chain’s high street sites. The sell-off figure mushroomed to 90 after Virgin decided to keep only the 18 multiplex and central London sites.

Latest from Marketing Week

Marketoonist on whack-an-idea

Marketoonist

Tom Fishburne is founder of Marketoon Studios. Follow his work at marketoonist.com or on Twitter @tomfishburne See more of the Marketoonist here

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here