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Independent cinema exhibitor City Screen Ltd has received £6m equity funding from technology investor Arts Alliance, which will facilitate a programme of investment for the art house cinema chain.
Arts Alliance, which has a long-term commitment to arts related funding, has taken a majority shareholding in the company operated by founder directors Lyn Goleby and Tony Jones. City Screen was set up in 1989, owns and operates 14 cinemas in towns and cities throughout the UK. The Arts Alliance investment, matched with bank funding, will be used for new developments in London, and for projects in Liverpool, Leeds and Birmingham where new-build projects are at various stages of development. The first new cinema will open in November 2002 at FACT in Liverpool. City Screen?s strategy has been to invest in university cities where a niche market for specialist film exists. In the medium term the company plans to roll out to medium-sized market towns where there is also great potential for smaller venues with a mixed mainstream and specialist film programme.