Odeon is the UK's leading cinema

West LB is the lead investor in a consortium paying �430m ($685.3m) for the Odeon chain.

It is the biggest cinema operator in the country with 608 screens at 97 sites and it accounts for more than a quarter of all cinema tickets sold.

West LB said the chain would continue to be run by its current chief executive Richard Segal.

"This is a business with a very strong management team, a proven track record and strong, stable cash flow," said Robin Saunders, head of West LB's principal finance team.

"In the last few years customers have been flocking back to the cinema and the production schedules for new films will ensure that customers keep coming."

First big deal

Odeon was acquired by the private financing group Cinven, three years ago, and merged with ABC cinemas.

Cinven spent �75m on a modernisation, refurbishment and building programme.

Mr Segal said Odeon was delighted to welcome on board the new principal investors.

The consortium buying Odeon is called the Entertainment Group.

It includes the British film distribution company Entertainment Film Distributors and property developer Robert Tchenguiz.

The Odeon deal is one of the first to be completed by West LB's principal finance team after the bank agreed to make 3bn euros available to Ms Saunders to buy companies.