REDBUS GROUP owner-chairman Simon Franks has sold the investment company's film division - one of the UK's largest film distributors - in pursuit of "more philanthropic projects."

Canadian company Lions Gate Entertainment paid around 20 million for Redbus Film Distribution, giving it access to a library of films including "Bend It Like Beckham" and "The Gift."

Mr. Franks, 34, said that while he would remain at Redbus Group "and also at the renamed Lions Gate UK in an executive capacity, the sale allows me more time to focus on charitable and social causes."

A "substantial amount" of the sale proceeds would go towards setting up a foundation "to promote social responsibility and well-being.

"I am fortunate to be in the position where I can try and do my bit for worthwhile causes. I believe everyone has social responsibilities. There are more important things businessmen should consider other than low taxes. We need to promote social welfare and equality, focusing on issues such as access to education and healthcare to all. I hope the foundation will help achieve this."

About his other communal and charitable involvement, Mr. Franks described himself "extremely proud to be a Saatchi Synagogue trustee and a supporter of Aish. These are passions of mine." He also makes donations to Jewish Care and Israel's National Film School.

"My sister, Danni, lives in Israel, so I have a particular affiliation. Donating to the school there gives me great pleasure."

The Hampstead businessman is contracted to work for Lions Gate UK for the next two years, with upcoming films including "The Wicker Man", starring Nicolas Cage.

After this he will work solely for Redbus, which has exclusive rights to in-store advertising ventures at Sainsbury, Tesco and Somerfield Outlets.