The Light Cinemas

The company

The Light was founded in 2007 by two highly experienced cinema executives who have been responsible for establishing successful cinema circuits around the globe.

It targets a differentiated multiplex proposition to the established, larger operators, with a sharp focus on customer comfort; excellent customer service; a leading food & beverage offering and superior quality sound, vision and seating.

Original investment rationale

The senior management team at The Light were proven and vastly experienced in the sector having operated in it for over 20 years. Their clearly defined, customer-driven, differentiated cinema proposition was extremely popular with both customers and property developers, the company's two key audiences.

The pipeline of future sites to deliver the rollout plan was driven by city centre shopping centre redevelopments.

Progress during our investment

The Light opened 11 further sites in the UK over our investment period, taking the UK total to 13. It now employs over 400 people and generates around £40m of revenue (up from 30 and £4m respectively on original investment).

This rapid growth was recognised in 2018 when The Light Cinemas was listed in the Sunday Times Fast Track 100. During the period, a new CEO and CFO were hired to support the founders and enhance the operations. We also invested an additional £1.8m into the business to support the rate of growth.

During the Covid pandemic we provided significant support to The Light and supported a pivot in its business model to reposition the business as a leisure company centred around cinema and adding bowling and other activities e.g. karaoke, mini-golf, shuffleboard etc. The strategy proved very successful.

The exit

In October 2024 we realised a partial exit of our investment with a sale to Risk Capital Partners whose investment will enable further UK sites to be opened. Through the transaction, we retain an interest in the business and wish the new majority owner and management team well with the next phase in its journey.