The board of UK cinema operator Vue Entertainment has instigated a £350m management buyout of the company.

The Bank of Scotland (BoS) is backing Vue’s incumbent management team, led by CEO Tim Richards, in a deal that will see previous investors Boston Ventures, Clarity Partners and Legal & General sell their shareholdings.

Richards said: “This is a landmark event for Vue Entertainment and is a goal that we have been working toward for some considerable time.

“We are poised to realise our further ambitions for Vue to ensure the company goes from strength to strength.”

Vue’s management team retains a controlling 51 per cent of the company, with BoS taking the remaining stake.

Meanwhile, Vue is also acquiring the five new Village Roadshow complexes in Birkenhead, Newcastle-under-Lyme, Manchester, Carlisle and Lancaster.

Four further sites will open later this year in Swansea, Cleveleys, Exeter and Lancaster, as well as an additional 10 sites opening in the next two to three years. Details: www.myvue.com/corporate