After staving off the threat of administration, Cineworld has confirmed the five locations in the UK which will close, as well as a sixth which has been saved from shutting
Cineworld has confirmed which of its sites are to close – and which one has been saved – after it staved off the threat of administration in a High Court appearance.
This morning, a judge approved restructuring plans for four of its companies – Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd – which make up the firm. The approval means that £16million of fresh equity from their indirect parent company will be injected to meet immediate financial needs, with an additional potential £35million in the pipeline.
However, despite the last minute reprieve, five of its cinemas are set to close. Glasgow Parkhead, Bedford, Loughborough, Yate and Swindon Regent Circus will all still close for good. The timeline for the closures are currently unknown. However, Cineworld Hinckley – which had previously been earmarked for closure – will now remain open.
Hinckley and Bosworth Borough Council leader Stuart Bray said in a statement: “This is excellent news for the town, for the taxpayer, for Cineworld employees and for local businesses. Not only does it safeguard the future of this great facility.in Hinckley town centre it also ensures the taxpayer continues to receive a rental income from Cineworld which helps to fund our public services.
“High Streets up and down the country are facing challenging times, but Hinckley is bucking that trend with retail occupancy rates and footfall above the Midlands average along with a great range of independent and national businesses. We want it to stay that way, so we’ve taken the necessary action to ensure we do that.
“The amount of interest we’ve had from alternative cinema operators for this site shows that keeping the facility is the right decision. I thank those operators for coming forward and for the interest they have shown in Hinckley.”
The world’s second-biggest cinema chain was on the brink of collapse without their approval, the hearing was told. The four companies, which run 101 sites and employ 4,401 staff, form part of a wider group which operates cinemas in 10 countries, including the US under the Regal Cinemas brand.
Following the ruling, a Cineworld spokesperson said: “We are pleased the court has approved our restructuring plan. This will enable us to re-set the business for the long-term and ensure a sustainable future for Cineworld in the UK.”
Full list of Cineworld cinemas closing for good
- Glasgow Parkhead (closing October 6)
- Bedford (closing October 6)
- Swindon Regent Circus (closing October 6)
- Loughborough (closing October 13)
- Yate (closing October 13)
