Investee Company – City Screen Ltd (UK)
Investee Company Business Type – Art house cinema chain
Type of Financing – Expansion
Equity Providers – Arts Alliance
Equity Leader (Individual) – Thomas Hoegh, Arts Alliance
Debt Providers – N/A
Debt Type – N/A
Debt Leader (Individual) – N/A
Equity Amount – £6 million
Total Deal Value – £6 million
Other Advisors – N/A
Comments – City Screen Ltd, an independent cinema exhibitor, has secured a £6 million round of expansion financing. The funding was provided by Arts Alliance, a venture capital organisation focused on investments in the media and entertainment, technology-enabled services and advanced technologies.
Established in 1989, City Screen has become one of Britain’s leading independent exhibitors, operating 14 stylish art house cinemas branded as picture houses. With string links to university cities (Oxford, Cambridge, York, London, Brighton, Exeter & Aberdeen), City Screen has taken a leading position in the art house cinema market.
The funding from this round will be used for several new developments in London, Birmingham, Leeds and Liverpool, which will take City Screen’s influence to over 43 screens. In the past the company has focused on university cities where a niche market for specialist British, foreign language and experimental films exists. However in the medium term the company plans to move into medium-sized market towns where a great potential for smaller venues with a mixed mainstream and specialist film programme also exists.
Lyn Goleby, director of City Screen Ltd, commented: “City Screen’s philosophy hinges on bringing specialist and art house film alongside the mainstream to cinema audiences. This investment means we will be able to continue to introduce a quality choice to more people. With Arts Alliance as a partner we will be expanding our programme of building and regenerating local picture houses as well as developing more sophisticated box office marketing strategies.”