Everyman cinemas secures rent cuts as lockdown hits
Cinema group Everyman Media today said it has secured further rent concessions from landlords as it battles closures during the latest national lockdown.
The upmarket chain, which operates 35 venues across the UK, said it had also focused on reducing capital expenditure and operating costs.
“We remain optimistic for the coming year post-lockdown and continue to have confidence in people’s appetite to socialise and to be entertained; we believe we will be in a strong position once it is safe to welcome back our customers and teams,” said executive chairman Paul Wise.
Everyman, which has 13 sites in London including Islington’s Screen on the Green, reopened all its venues in August.
However, they were forced to shut again on 30 December amid a fresh wave of tough Covid restrictions.
Everyman last month announced the appointment of former Cote Restaurants boss Alex Scrimgeour as its new chief executive.
He will take up the role next week, replacing Crispin Lilly, who is stepping down after six years in charge.
Cinemas have suffered a torrid year during the coronavirus crisis, with closures compounded to multiple delays in film releases.
Everyman said the company’s net debt stood at £8.5m at the end of the year.