Secret Cinema sale is lift for UK taxpayers

BRITISH taxpayers are in for a windfall after Secret Cinema, the events company known for its immersive screenings, was snapped up by a US buyer.

The cinema group, which asks audience members to turn up in fancy dress and adopt a persona linked to the film, has been sold to ticketing platform Todaytix for £88m, according to those aware of the deal.

The move is set to boost the UK taxpayer, which became a shareholder in Secret Cinema in 2020 following a Covid bailout. The Government took a stake in the business through its Future Fund start-up rescue venture.

The fund, launched in May 2020, provided loans of up to £5m to early stage companies that converted into shares if the company raised a further round of equity.

Secret Cinema attracts around 70,000 visitors for each of its productions. It is currently showing Guardians of the Galaxy in London’s Wembley Park. Launched in the capital in 2007, it has shown more than 70 film events.

The location of its productions was initially only revealed to guests on the day, hence the company’s name.

Its sale to Todaytix will see it expand to the US next year, where it plans to open a permanent location in Los Angeles to show open-ended theatrical runs instead of short-term shows.

Brian Fenty, co-founder and chief executive of Todaytix, told the Financial Times that he had a “high degree of confidence” that British taxpayers would profit from their investment.