Virgin buys up MGM chain

Virgin Group’s plans to rebrand the MGM cinema chain – bought by Virgin last week in a 200m deal – are still undecided. A Virgin spokeswoman says: ‘It’s early days yet and nothing has been firmed up.’

But Richard Branson is reported as saying that he plans to invest ‘tens of millions of pounds… over four years in upgrading and expanding’ the MGM chain. He also plans to build 10 multiplex cinemas across the country.

A Virgin spokesman adds: ‘The cinema business in the UK is still living in the 1960s, down to the hot dogs in the foyer. It is a wasted opportunity. What we want to do is create a proper entertainment experience instead of just getting people in to see the films.’