Leisure property entrepreneur Paul Gregg has completed the £23m buyout of a chain of cinemas and bingo clubs.
Gregg’s family-run company Houston Securities has bought-out Preston-based Apollo Cinemas and Apollo Bingo from Clear Channel Entertainment.
The deal includes 11 multiplex cinemas and four bingo clubs across the UK.
Gregg’s wife is now the majority shareholder in Apollo Cinemas and Apollo Bingo.
Gregg was chairman of Apollo Leisure until 2000. Until last year, he was Clear Channel’s European director.
The buyout follows the appointment of Gregg as chairman, and James Whittell as group managing director at Houston.
Whittell was formerly the managing director of Odeon Cinemas.
Houston Securities is also fronting the development bid for Liverpool’s controversial 36-acre (14.7ha) Kings Waterfront site.
Commenting on the deal, Gregg said that changes to the gaming laws would create growth opportunities for Apollo Bingo.
He added that he and Whittell see “many undeveloped areas within the UK” into which Apollo Cinemas can expand.
EGi News 14/05/02
