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Community' cinema raises £5m to buy multiplex

Independent cinema operator The Light has raised £5.2 million to buy a nine-screen multiplex in Cambridge from the UK's largest cinema chain, Cineworld. The cash was secured through private client investment business Connection Capital, and will take advantage of tax benefits under the Government's Enterprise Investment Scheme. Santander will also support the scheme with further funding of £4.5m. According to co-founder Keith Pullinger, the acquisition is part of The Light's strategy to help regenerate Britain's high streets. The cinema multiplex includes a café-bar concept, The Green Room and showings of sport, opera, live theatre and music. The Light calls itself a 'community' cinema, and offers showings of blockbusters in a number of different languages, depending on local demographics. The operator will use the remainder of the growth capital to expand aggressively throughout the UK. New lease agreements have been signed in Bolton, Sheffield, Thetford, Dundee, Stockport and Walsall.

 

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