Metrodome boss sells to Germans

JOHN Hall, the former boss of Elton John's Rocket record label, is on his way out of children's film company Metrodome as part of a deal that will see German group Loonland take a 29.9% stake.

Metrodome, which also warned it was heading for a loss of more than £2m in the six months to 30 September, said Hall was stepping down after reaching an agreement with the expanding Munich-based cartoon company to buy 4.18m shares in the group at 17p.

That represents a 35% discount to Monday's closing price of 26p, and the shares responded by falling 2 1/2p to 23 1/2p. The purchase sees Hall, 53, replaced as chairman by former Investec Henderson Crosthwaite managing director Bruce Fireman.

Loonland takes two non-executive seats on the board and is lending Metrodome £1.5m. It has 'no present intention' of bidding for a larger stake. Metrodome has been hit by failures in its merchandising division.