Odeon to open 20 new cinemas in expansion plan

Odeon today raised the curtain on plans to open 20 new cinemas across Europe in a sign of renewed confidence in the firm by its owners.

Paul Donovan, chief executive of the up-for-sale chain, said: “We’ve never announced our pipeline before because we were focused on turning around the current business, but now we have seen five consecutive quarters of really strong growth and we have the business on a very strong footing,”

The new cinemas — including a new flagship in Islington Square — will open over the next four years and will allow viewers to order a meal and drinks directly via an electronic chair.

Odeon’s owner Terra Firma, Guy Hand’s private equity firm, is selling the cinema group for a reported £1 billion, with speculation that bids from at least three international cinema operators will go forward to a second round.

Odeon reported a 22% rise in first-quarter profits to £31 million as films, including Marvel Comics adaptation Deadpool (pictured), helped sales.