The Vue International Cinema chain has reduced its valuation by approximately half to around £650million ($785.6million).The Times reports that the company is being restructured in a deal that has protected it from a €130 million legal claim in Germany and allowed new funds to be injected into operations.
This follows last month’s announcement that Vue’s lenders will take control of the business, replacing previous majority owners Alberta Investment Management Corporation and Omers (both Canadian pension funds).Vue enjoyed a record year in 2019, when it was valued at an estimated £2billion, but the chain suffered huge losses early in 2020 as a result of the UK’s Covid lockdown, and later that year when studios hesitated to release big-budget films like James Bond’s No Time To Die in cinemas.
Source: Vue Cinemas’ Chain Fall In Ticket Sales Cuts Value In Half To $785Bn – Deadline