Telford's Odeon cinema sold as part of £80.6m deal
Telford's Odeon Cinema was today bought by a property group as part of a huge £80.6 million deal.
The Forge Gate cinema is one of 10 to have been acquired from Odeon Property Group by London Metric Property.
Odeon Cinemas still has a 24.9 year lease on the building, meaning that the transfer of ownership is unlikely to affect the running of the cinema.
However an Imax Cineworld cinema is due to open as part of the Southwater development, and another cinema is also due to be introduced as part of the £200 million redevelopment of Telford Town Centre.
Odeon chief executive Rupert Gavin said: "This sale of the property interests has no impact on the respective cinema operations.
"But this will significantly reduce the bank debt in Odeon Property Group and releases further funding for the cinema operating group."
London Metric chief executive Andrew Jones said it bought Odeon because it saw the growing importance of cinema-going to the British public, especially in sites that were attached to shopping centres.
