Everyman Media Group has bought two picture houses in the west of England after the owner went into administration.
The independent chain has acquired two Tivoli cinemas in Bath and Cheltenham, which were previously owned and operated by Empire Cinemas.
Empire collapsed into administration in early July after struggling with attendance figures as cost-of-living pressures hammered demand.
Takeover: Everyman Media Group has acquired two Tivoli cinemas in Bath and Cheltenham, which were previously owned and operated by Empire Cinemas
Around 150 jobs were immediately lost and six of the group’s cinemas had to shut their doors, with another eight put under threat of closure.
Last week, Ireland’s largest cinema operator, Omniplex took over five of Empire’s remaining sites.
It will see Omniplex spend £22.5million buying and refitting the cinemas in the coming 18 months.
Alex Scrimgeour, chief executive of Everyman, said: ‘We are delighted to announce the acquisition of these cinemas in the historic city of Bath and the vibrant town of Cheltenham.
‘We pride ourselves on providing an elevated cinema experience, making these venues a terrific addition to the Everyman portfolio.
‘We look forward to welcoming the local community to our newest locations in this exciting new chapter for the business.’
Everyman’s purchase at a challenging time for Britain’s beleaguered cinema sector, which is still struggling to rebound from the Covid-19 pandemic.
The ‘Barbenheimer’ phenomenon gave a much-needed lift during the summer when audiences crowded theatres to watch the Barbie and Oppenheimer films back-to-back.
Everyman more than doubled its monthly revenues and achieved a record week of admissions in July after the two movies were released on the same date.
In the previous six months, the London-based firm’s turnover fell by £2.4million year-on-year to £38.3million due partly to an absence of major blockbuster releases.
Over the same period, earnings before nasties slipped to £5.8million as the prior year’s performance benefited from a lower VAT rate.
But Everyman forecasts a much stronger second-half performance, supported by box-office hits like the historical epic Napoleon, Martin Scorsese’s Killers of the Flower Moon, and the fantasy musical Wonka.
The company’s sales between January and the end of August were 13.3 per cent higher than in the same period last year at £60.2million.
Everyman Media Group shares were 0.8 per cent lower at 62p on Friday afternoon, meaning they have slumped by around two-thirds since the beginning of 2020.
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