A cinema chain owned by the leisure sector investment tycoon Luke Johnson is closing in on a deal to buy Showcase Cinemas’ UK business.
The Light, which runs 13 venues across the UK in areas such as Bradford, Cambridge and Redhill, has been running the rule over Showcase’s 16 venues, which include a massive 17-screen megaplex in Kent’s Bluewater shopping centre.
Luke JohnsonGETTY IMAGES
Showcase’s UK business was put up for sale by owner Paramount last year, as the entertainment giant moved to slim down its business. Reports have claimed that Showcase’s UK cinemas could fetch about £55 million.
There is no guarantee that a deal will take place, but talks are understood to be at a relatively advanced stage. If successful, a takeover would more than double the amount of cinemas controlled by The Light.
Founded in 2007, The Light’s venues combine cinema screens with other leisure activities such as bowling, climbing walls and axe throwing. It has been owned by Risk Capital Partners, Johnson’s private equity fund, since 2024.
Johnson is one of the hospitality sector’s best-known investors, having made his name as the chairman of Pizza Express in the 1990s, going on to invest in high street names such as Gail’s Bakery, Giraffe and the Brighton Pier Group.
The Paramount studios in Los AngelesETHAN SWOPE/GETTY IMAGES
The sale of Showcase comes in the wake of the $8 billion deal by Skydance chief David Ellison to buy Paramount, which included Showcase’s parent company, National Amusements. Latest Companies House filings show the UK business’s revenues fell from £92.5 million to just under £90 million over the year to January 2, 2025, while pre-tax losses narrowed from £13 million to £1.9 million.
Numerous other parties, including Mike Ashley’s company Frasers Group, are said to have been involved in discussions with The Light about a takeover of Showcase’s UK venues. Other rumoured names include the UK-based Vue and US-based cinema business Patton Vision.
The business is said to have attracted serious interest from a number of parties. Film magazine Screen Daily reported that one of them was Mooky Greidinger, the former chief executive of Cineworld. This comes despite wider worries about the future of British cinemas, which have struggled to compete against the rise of streaming giants such as Netflix.
However, numerous bidders are said to have had concerns about a historic lack of investment in some of Showcase’s UK sites, and the amount of work that may be necessary if they are bought.
Should the deal with Showcase be agreed, it would mark the latest acquisition for The Light, which last May bought the bowling alley chain All Star Lanes. After that deal, All Star Lanes boss James Morris took the helm of both brands.
Luke Johnson, The Light and Frasers Group declined to comment. Paramount was approached for comment.