[title]
Say what you want about British weather, but it’s highly conducive to movie-watching. Whether it’s just another rainy day, or one of those rare scorchers when the UK remembers its chronic lack of air conditioning, there really is no bad time to go to the cinema.
But business may not be booming enough for US chain Cineworld. The multi-million-pound movie theatre company is in talks with bidders over the sale of their UK sites, which adds up to over 100 theatres. They’re pretty tight-lipped about the details, but if a deal goes through, it is likely to lead to a major restructuring – and possibly the closure of Cineworld’s UK theatres.
Last year, Cineworld officially stopped trading as a public company and was delisted from the London Stock Exchange after its share prices collapsed. A notice issued on July 31, 2023 revealed that Cineworld had entered the administration of Alix Partners, a business consulting firm.
At the time, the cinema chain said it would continue with ‘business as usual’, stating: ‘The Group continues to operate its global business and cinemas as usual without interruption, and this will not be affected by today’s appointment of the Joint Administrators nor by the cancellation of Cineworld Group PLC’s listing.’
But this didn’t stop the rumour mill turning – particularly given that Cineworld’s parent company went bankrupt last year. And over the past few days, sources revealed the chain was considering selling its UK theatres and ending operations here, although it is understood that Cineworld theatres in the US, Europe and Israel would stay open. The negotiation process will continue over the next few weeks.
The company may also consider other ways to restructure, which would ultimately still risk the closure of UK cinemas and the loss of thousands of jobs. Cineworld also owns Picturehouse, although there’s no confirmation on whether their cinemas would be included in the sale. This week it announced the impending closure of Bromley Picturehouse and Picturehouse Fulham Road.
A deal which would have seen rival chain Vue acquire Cineworld fell through last year, but Vue may be returning to the negotiating table. So it may all come down to a change of logo.
Hill & Knowlton, who are in charge of Cineworld’s public relations, did not respond to our request for comment, although they have share this statement:
‘Like many businesses, we are continually reviewing our UK operations.’
For now, multiplex-goers are in the dark.
Straight from the silver screen: 50 genuinely great scenes in bad movies
Plus, our guide to the best cinemas in the UK and Ireland
And the best films to see in June
Stay in the loop: sign up to our free Time Out UK newsletter for the latest UK news and the best stuff happening across the country.