Cinema and leisure operator The Light has been acquired by hospitality entrepreneur Luke Johnson and Risk Capital Partners along with a co-investment from cinema and leisure investors Melcorpo.
Teaser: The Light - previously backed by Connection Capital - currently operates 13 cinema and leisure venues across the UK.
The Light’s offering includes bowling, mini golf, interactive darts, climbing and karaoke in addition to its core cinema offering.
The deal, which fully recapitalises the business, is supported by a new banking facility, allowing the business to invest over £15 million over the next couple of years with the aim of doubling its size.
The Light - previously backed by Connection Capital - currently operates 13 cinema and leisure venues across the UK including in Cambridge, Sheffield, Bolton and New Brighton.
What they said
Luke Johnson said: “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. The Light model offers a long-term, exciting solution to the challenges facing high street and existing cinema locations rather than short term fixes. Risk Capital Partners is thrilled to be part of the next phase of The Light’s journey.”
James Morris, CEO of The Light added: “I am delighted Luke and Brian have chosen to invest in The Light which allows us to release our exciting plans for the business. We expect to announce our largest project to date which will re-purpose an old department store and deliver a strong cinema offer in the coming weeks.”
Bernard Dale of Connection Capital added: “The business has grown well during our period of investment, developing and launching the successful destination entertainment concept. Risk Capital’s investment will enable further UK sites to be opened and we are delighted to retain an interest in the business as this rolls-out”