Katrina Cliffe and Henry Birch will join the cinema operator’s board as its new owners prepare for a medium-term exit.
The former CEO of online retailer Very will join Vue International’s board of directors this week.
Former Rank Group and William Hill Online CEO Henry Birch will join Vue as an independent director.
Former American Express and Lloyds Banking Group executive Katrina Cliffe is also joining Vue’s board.
The appointments were made only a few months after the cinema operator recruited Stella David, a former Bacardi-Martini executive, as its new chair, signaling the conclusion of a complex financial restructuring.
One analyst believes Vue’s new owners are eyeing a medium-term sale or IPO based on the new hiring.
Vue recently executed a debt-for-equity swap, which resulted in the replacement of the company’s long-standing pension fund shareholders.
Vue operates over 225 locations in nine nations, including the United Kingdom, Germany, Italy, and Taiwan.
Its reorganization was precipitated by the cinema industry’s difficult period, during which the pandemic decimated income and studios increasingly experimented with the release of films on streaming services.
In recent months, Vue gathered support from its new shareholders in preparation for a challenge to Cineworld, its London-listed competitor that has filed for Chapter 11 bankruptcy.
However, Vue was excluded from the sale procedure, which has been terminated.
The shareholders of Cineworld have been warned that their investment is likely meaningless.
In the United Kingdom, only Cineworld and Odeon have more locations than Vue.
Vue’s present backers may want to keep control for a while before selling or floating the company.
Tim Richards, founder and chief executive officer of Vue, stated that the new directors’ experience would be “hugely beneficial as we continue to build on our steady recovery and position ourselves for the future.”
