Ashursts listed on credits for Virgin deal

Ashurst Morris Crisp is heading a deal to sell £235m worth of Virgin cinemas.

Virgin Entertainment's move comes four years after the company spent £190m buying up a number of MGM cinemas in the UK.

Nick Angel, head of the reconstruction and insolvency department at Ashursts, is believed to be advising on the deal.

A spokesman at Virgin Entertainment says Ashursts has worked with the company for a number of years, adding that the firm was brought in on this particular deal within the last seven weeks.

It is believed that film distributor Fornier, formally known as Pathe, has made an offer for the cinemas.

Deutsche Bank is also advising the company on the disposal.

The disposal marks a week of movement in the entertainment industry as speculation surfaced over Rank Group selling off the Odeon Cinema chain. John Dumbleton, head of legal and property at Rank, which counts Richards Butler and Freshfields among its advisers, refuses to comment.