A row has erupted over Miller Developments’ agreement to buy a £25m portfolio of 18 ABC Cinemas.
ABC said that it is in discussions with underbidders after the exclusivity agreement with Miller expired. But Miller’s business development director, Malcolm Deans, claimed ABC had not informed Miller: “We had no idea that ABC are in discussion with other parties. We think they are trying to put pressure on us.”
He added: “We’re interested in this sort of transaction, but there were a number of aspects that had to be sorted out on the basis that we were not happy and neither were they.”
The cinema chain has said it is in discussions with other companies who previously bid for the properties on an individual or group basis. According to ABC’s Group Finance Director Patrick Garner, the company’s agents, Healey & Baker, had informed Miller of the termination. “The exclusivity period expired and Miller was going to proceed a course of action which they did not do,” he said.
EGi News 26/01/98
