The British arthouse cinema chain Curzon has been acquired by the US investment firm that owns Poundstretcher and Majestic Wine.
Fortress Investment Group has bought the chain, which has more than 350 employees at 16 cinemas across the UK, for an undisclosed sum.
Curzon was put up for auction along with its distribution arm and streaming platform earlier this year.
One of the UK’s oldest cinema chains, Curzon became part of the auction process after its parent company, Cohen Media Group, was forced to offload assets by a New York state supreme court judge in August.
The billionaire Charles Cohen acquired Curzon in 2019, a year after buying Landmark Theatres in the US, and used the cinema chains and other property assets to secure a $534m (£417m) loan from Fortress.
Earlier this year, Fortress sued Cohen for default, resulting in the court ruling that the assets should be auctioned in bid to recoup at least part of the value of the loans.
Curzon was established in 1934 by Harold Wingate and its first site, in London’s Mayfair, is still in operation after fighting off potential closure because of legal action over noise from a property developer in 2016.
The chain built its reputation by bringing international cinema to British audiences.
In recent years, the company, which according to court documents is loss-making, has expanded its theatrical presence with new venues in Hoxton and Camden in London, as well as Kingston upon Thames and Canterbury.
Curzon was an early mover in the streaming space, launching its own service in 2010, and was happy to strike deals to put Netflix films on screen at a time when most chains were wary of the disruption the US giant was causing to the traditional movie industry.
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“Curzon is an iconic film company, with global recognition for its long legacy of releasing and connecting independent and critically acclaimed films to UK audiences,” said Allison Swayze, the managing director at Fortress. “We’re pleased to acquire Curzon, and bring our support to the company’s dedicated team.”
Fortress said the deal would secure the jobs of 350 staff and “helps Curzon continue to offer film fans a range of independent and blockbuster movies both in cinema and at home”.
The US group, which owns the Majestic Wine off-licence chain and Punch pubs group, bought the UK discount retail chain Poundstretcher earlier this year.