Cineworld has written to customers to inform them of the “difficult decision” to close one of their Swindon cinemas for good.
Five cinemas are set to close as part of a plan to cut costs, including Regent Circus in Swindon, Glasgow Parkhead, Bedford, Hinckley, Loughborough and Yate, while the cinema in Hinckley was also set to close before a deal was agreed between Hinckley and Bosworth Borough Council and the company.
In a statement emailed to customers, the multiplex chain announced the Regent Circus venue would close on Sunday, October 6.
It read: “After years of providing movie lovers with a place to feel more, we have made the difficult decision to close Cineworld Swindon Regent Circus. The cinema will remain open until October 6.
“We will be changing your Favourite Cinema to Cineworld Swindon Shaw Ridge and if you are opted in, you will continue to receive marketing communications based on this location. You can update your preferences in your My Cineworld account at any time.
“We would like to take this opportunity to thank all of our movie-loving customers who have chosen to visit Cineworld Swindon Regent Circus over the years.
“We hope to see you at our nearby Cineworld Swindon Shaw Ridge soon.”
Cineworld said it needed to close the six cinemas to survive impending administration because they were 'commercially unviable'.
The four companies that form part of the Cineworld group had to seek High Court approval for a restructuring plan that would allow them to continue trading, but this was opposed by the landlords of the six sites earmarked to shut.
The Crown Estate and UK Commercial Property (UKCP) sought an injunction blocking the companies from “compromising” their rental agreements, claiming that the companies entered into agreements last year which meant they could not be changed through restructuring.
The hearing took place at the end of last month where Ben Shaw KC, for the Crown Estate and UKCP, argued in written submissions that there would be “adverse consequences” for the landlords if the leases were subject to restructuring plans.
It would now appear from Cineworld's announcement of the upcoming closure of Swindon's Regent Circus cinema that Mr Justice Miles, who presided over the hearing, has sided with the cinema chain.
This would mean that £16m of new equity funding from Cineworld's indirect parent firm will be released to fund their immediate financial needs, with further funds of up to £35m also made available.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereLast Updated:
Report this comment Cancel