Multiplex Takeover

Possibly Britain's best known cinema chain has been bought out. Odeon cinemas, which operate 75 cinemas and multiplexes around the UK, has been sold by the Rank Organisation to venture capital company Cinven, who look likely to merge with the ABC chain. The sale, announced yesterday, has generated £280m for Rank, who are to use the cash to reduce debts of £1.3 billion.