Brothers top up stake in Odeon chain

NIGEL and Terry Green, the brothers behind film and video distribution company Entertainment Group, saw their profits soar last year.

They are using their millions to increase their stake in the beleaguered Odeon cinema chain.

Last week Entertainment Group, together with fellow investors Robert Tchenguiz and Guy Dellal, paid out £40m to buy Lehman Brothers' debt in the chain.

The group is now in exclusive talks with its main backer, German investment bank WestLB, to take control of the company.

Entertainment Group almost trebled its pre-tax profits to £60.4m last year, according to accounts filed at Companies House. Turnover soared from £90.7m to £169m.

The brothers, the only directors of Entertainment Group, again paid themselves well. They shared a salary and pensions package worth £3.2m.

Last year Entertainment Group took a 22% stake in the Odeon cinema chain for £25m and the Green brothers became directors.

Odeon is for sale at a price believed to be way below the £431m that former star banker Robin Saunders paid for the chain when she was at WestLB.

However, Tchenguiz believes that forthcoming films such as Troy and Shrek 2 will boost profits.