By Jonathan Davies

Do you love films and have a spare £1 billion floating about? The owner of Odeon and UCI cinemas is looking to sell the chain later this year for around £1bn.

Private equity group Terra Firma is hoping to begin the selling process by May. It is best known for a failed £2.4bn takeover of record company EMI in 2007.

Terra Firma said that if a buyer could not be found, it may decide to list Odeon on the London Stock Exchange.

The group's chair Guy Hands said cinema chains in the US and South America have been tipped as potential buyers.

Terra Firm bought Odeon for €650m (£475m) and UCI for €350m in 2004, merging the two companies. It has twice tried to sell the cinema chain, once in 2011 when it failed to attract bidders for the £1.2bn valuation, and again in 2013.