THE OWNER of the Storm cinema group has sold its theatres in Limerick, Naas, Cavan, Portlaoise and Waterford to a company controlled by the owners of the Leisureplex cinema brand, brothers Ciarán and Colum Butler.

Storm is ultimately controlled by Dublin-based businessman Patrick O'Sullivan, whose company Premier Productions operates from an office in the IFSC.

While the price realised for the cinemas is not known, it is understood that the transaction did not include Storm's outlet in Belfast.

The Butlers acquired the theatres through Entertainment Enterprises Group, the business which owns the Leisureplex outlet in Stillorgan, South Dublin, and other cinemas in Dublin.

Entertainment Enterprises entered a separate but related deal with British group Odeon-UCI under which Odeon-UCI will operate the five cinemas.

In a similar deal five years ago, Odeon-UCI sold the UCI cinema buildings in Coolock, Tallaght and Blanchardstown to the Butler brothers but continued to operate those outlets.

It is not known whether the Storm outlets will be rebranded after the deal.

IBI Corporate Finance is understood to have advised Storm in the sale.

Premier Productions had equity shareholders' funds of €1.6 million at the end 2006, according to its latest abridged accounts.

The deficit in its profit-and-loss account declined that year to €115,799 from €500,601 in 2005, the accounts indicate.