CAMPAIGNERS fighting to save York Odeon believe the recent multi-million pound sale of the cinema chain could secure its survival.

British private equity firm Terra Firma Capital Partners made a move on the cinema sector last week, announcing it had bought Odeon along with another of the country's largest cinema chains, UCI.

The two acquisitions for undisclosed amounts give Terra Firma, headed by financier Guy Hands, a presence in cinemas across Europe as well as a number of theatres in central London.

York Odeon campaigners say the announcement could be a boost to the Blossom Street picture house, as the nearest UCI cinema is in Huddersfield.

Nearly 14,000 people signed the Evening Press petition to save the Odeon from closure following a refurbishment.

York Odeon expert Derek Atkins, of The Mount, said the buyouts left open the "distinct possibility" that the two chains could be merged.

"If that does happen I think that the UCI cinemas will be rebranded as Odeon cinemas," he said.

"That would increase the dominance of the Odeon chain in British cinema. Fortunately, there are no UCI cinemas in the York area - the nearest is in Huddersfield. This situation offers some comfort to the Blossom Street Odeon."

Campaigner Tim Addyman said he believed Odeon's new owners would want to maintain a presence in York.

Financier Mr Hands said: "UCI meets our investment strategy perfectly, providing us with the opportunity to add value through both operational and strategic change. We also believe that there are exciting opportunities to develop Odeon further."

The auction of Odeon was sparked in June after Iranian property investor Robert Tchenguiz failed to get other shareholders to accept his pre-emptive offer of 360 million pounds.

Updated: 10:37 Wednesday, September 01, 2004