The timeline for these closures is currently unknown (Image: Getty)
Cineworld has unveiled the fate of its UK sites, sharing which are set to close and what venue has now been saved. The major update comes as the cinema chain warded off the threat of administration in a High Court appearance.
Today’s court outcome brought approval for restructuring plans concerning four pivotal companies within the firm including: Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd. This green light heralds a crucial £16 million of fresh equity from their indirect parent company to satisfy immediate financial needs, alongside an additional possible £35 million boost.
Despite this, the big screen giant still plans to shut down five locations. Patrons will bid farewell to Cineworld sites at Glasgow Parkhead, Bedford, Loughborough, Yate and Swindon Regent Circus, but the timeline for this is unclear.
In a turn of events, Cineworld Hinckley, previously marked for closure, will keep its doors open, according to .
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.
A total of five branches are set to close, according to The Mirror (Image: Getty)
“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-largest cinema chain was teetering on the edge of collapse without their approval, the hearing was reportedly told. The four companies, which operate 101 sites and employ 4,401 staff, are part of a larger group that runs cinemas in 10 countries, including the US under the Regal Cinemas brand.
Following the ruling, a Cineworld spokesperson reportedly 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.”
The Cineworld sites shutting their doors:
- Glasgow Parkhead (closing October 6)
- Bedford (closing October 6)
- Swindon Regent Circus (closing October 6)
- Loughborough (closing October 13)
- Yate (closing October 13)