Luke Johnson’s Risk Capital Partners has acquired UK cinema chain The Light.
The Light, previously backed by Connection Capital, will also receive £15m over the next three years from Risk Capital with co-investment from cinema and leisure investors Melcorpo.
The investment aims to double the size of The Light’s business by expanding its cinema offerings to include other entertainment services like bowling, mini golf, interactive darts, climbing and karaoke. This new model has already been tested at a number of sites.
The Light currently operates 13 cinema and leisure venues in local communities across the UK. CEO James Morris said in a statement that it will announce its “largest project to date” in the coming weeks – a new cinema in a repurposed old department store.
Johnson, previously chairperson at Channel 4, has backed several business and leisure companies in the UK including Pizza Express and Gail’s.
“We think the combination of cinema together with competitive socialising is a compelling offer for both consumers and landlords and believe the disruption facing the cinema industry provides opportunities,” he said in a statement.
“The Light model offers a long-term, exciting solution to the challenges facing high street and existing cinema locations rather than short-term fixes.”
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