Multiplex giant Cineworld has bought art house cinema chain Picturehouse in a deal reported to be worth over £47 million. Picturehouse, whose 21 independent cinemas include the Ritzy in Brixton and the Phoenix in Oxford, will continue to operate as separate company.
Co-founders Lyn Goleby and Tony Jones launched Picturehouse in 1989 and last year made a pre-tax profit of £2.5 million on the strength of £30.3 million in takings. The company employs 750 staff and Cineworld has reassured them all that their jobs are safe. Furthermore they have stated that the deal will enable Picturehouse to open a further 10 cinemas across the country.
Cineworld say the acquisition will allow them to reach a new audience in a growing sector of the film-going market and they have pledged to learn from and develop the spirit of Picturehouse.
Goleby, who will stay as managing director as well as picking up a sizable windfall said; “The unique character of Picturehouse cinemas will remain and our team will continue to bring the widest range of films to customers.”
However, the reaction of independent film fans is largely negative with many fearing that the deal will lead to a decline in standards.
Film critic Mark Kermode took to Twitter to say; “If @cineworld are genuinely in the market of ‘learning from’ Picturehouse, then there’s a LOT to learn…”
Another welcomed the opening of new Picturehouse cinemas but not if they resemble a ‘soulless multiplex’ in any way.
A third contributor to the thread was even more strident in his opposition saying; “Last two cinemas visited: Cineworld, Shaftesbury Ave (a stinking pit) and Brixton Ritzy (classy art house). Now owners of 1st own the 2nd?”
Although they appear to be in the minority there were those prepared to stand up for Cineworld.
Alasdair Stuart tweeted; “Surprised by the grumbling over the Cineworld/Picturehouse deal. My local CW is with one exception the best chain cinema I’ve been to.”
Cineworld operates 80 cinema properties in the UK and is issuing new shares to fund the deal.
Are you an independent film fan? Are you concerned by the deal between Cineworld and Picturehouse or do you believe it will provide the finance to expand the number of art house cinemas in the UK? Share your thoughts with us below.
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