Cineworld has revealed the fate of its UK venues, outlining which locations are set to close and which one has been spared. This announcement comes after the cinema chain successfully avoided administration in a recent High Court ruling. The court’s approval of restructuring plans for four key companies within the firm, namely Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd, and Cineworld Estates Ltd, has paved the way for a much-needed injection of £16 million in new equity from their parent company, with a potential further boost of £35 million. Despite this financial support, Cineworld plans to shut down five sites, including locations in Glasgow Parkhead, Bedford, Loughborough, Yate, and Swindon Regent Circus, although specific closure timelines are yet to be confirmed.
In a surprising turn of events, Cineworld Hinckley, originally slated for closure, will remain operational, as reported by The Mirror. A statement from Stuart Bray, the leader of Hinckley and Bosworth Borough Council, expressed delight at this decision, citing the positive impact on the town, local businesses, and taxpayers. The council leader highlighted the importance of preserving the cinema facility in Hinckley town centre and ensuring a steady rental income stream for public services. The retention of the Hinckley site reflects the council’s commitment to maintaining a thriving high street amidst challenging times, with strong retail occupancy rates and footfall exceeding the Midlands average.
According to reports, Cineworld, the world’s second-largest cinema chain, was on the brink of collapse without the court’s approval. The four companies under restructuring operate a total of 101 sites and employ 4,401 staff as part of a larger international cinema group across 10 countries, including the US under the Regal Cinemas brand. Following the court’s decision, a Cineworld spokesperson expressed gratitude for the approval of their restructuring plan, emphasizing its role in ensuring the company’s long-term viability in the UK.
The list of Cineworld venues set for closure includes Glasgow Parkhead (closing on October 6), Bedford (closing on October 6), Swindon Regent Circus (closing on October 6), Loughborough (closing on October 13), and Yate (closing on October 13). The retention of Cineworld Hinckley amidst these closures signifies a positive outcome for the town and its residents. The approval of restructuring plans marks a significant step towards securing a sustainable future for Cineworld in the UK, with the company expressing optimism about the road ahead post-restructuring.