Partly Cloudy

Partly Cloudy

max temp: 23°C

min temp: 16°C

ESTD 1874 Search

The pigs have arrived. See the latest

Pigs Gone Wild

news here.

Bury St Edmunds: Cineworld acquires owner of Abbeygate Picturehouse in £47.3m deal

09:43 06 December 2012

The Abbeygate Picturehouse in Bury St Edmunds

The Abbeygate Picturehouse in Bury St Edmunds

Archant

ART-house cinema chain Picturehouse is being acquired by multiplex chain Cineworld in a £47.3million deal expected to net its founder a multimillion-pound payout.

Picturehouse owns 21 cinemas with a total of 80 screens, including the Abbeygate Picturehouse in Bury St Edmunds, the Arts Picturehouse in Cambridge and Cinema City in Norwich.

Cineworld, which is also buying Picturehouse’s theatrical distribution arm, Picturehouse Entertainment, said the deal would allow it to tap into “new audiences in a high value and growing part of the market”.

Picturehouse, which has 750 staff, would continue to be run as a separate business within Cineworld and its existing management team would remain in place, Cineworld added.

Other cinemas owned by Picturehouse include the Cameo in Edinburgh, the Picturehouse in Stratford, east London, and the Phoenix in Oxford – the chain’s founding cinema, bought in 1989.

Lyn Goleby, co-founder and managing director of Picturehouse, is set to pick up a substantial sum from the deal, as as one of the company’s major shareholders. The Arts Alliance and investment firm Albion Venture Capital also held significant stakes in Picturehouse.

The art-house chain was founded to challenge the multiplex cinema model and show independent, art-house and foreign language films that often do not make it on to the big screen.

Ms Goleby said it would stay true to its roots after the takeover. “We are known for our high quality city centre cinemas and our distinctive, wide-ranging programming,” she said.

“The unique character of Picturehouse cinemas will remain and our team will continue to bring the widest range of film to customers.”

The deal was announced on the opening day for Picturehouse’s 21st cinema, The Duke’s at Komedia in Brighton, and it hopes the Cineworld acquisition will allow it to launch another 10 sites that are in the pipeline.

Ms Goleby and co-founder Tony Jones started the group when it bought the Phoenix in Oxford and has since expanded through acquiring and building cinemas, particularly in London and university cities such as Cambridge, Edinburgh, Brighton and York.

Mr Jones, who held a minority stake in the group, is now retiring, but will remain involved with the Cambridge Film Festival, which is screened at the Arts Picturehouse in Cambridge.

Cineworld is launching a cash-call to investors to raise around £16m to help fund the Picturehouse takeover and said Ms Goleby will put £1m into the share placing.

Related articles

Search hundreds of local jobs at Jobs24

1 comment

  • Just when you find a cinema chain where you can enjoy 'watching a film' which is what you go for it gets swallowed up by the big brash multiplexes. Back to DVD's then.

    Report this comment

    sue douglas

    Friday, December 7, 2012

ATOL is there to protect holiday makers should anything go wrong

Did you know that the Civil Aviation Authority has tightened rules over reporting on the returns of ATOL registered travel agents to better protect holidaymakers?

According to figures released by The Insolvency Service, more than 400 people declared insolvency in Ipswich last year.

Ipswich had the seventh highest personal insolvency rate in the country in 2015, with hundreds of people unable to pay their debts.

MEL Aviation in Sudbury.

A Sudbury-based aerospace, defence and industry engineering firm is celebrating after scooping a Ministry of Defence (MoD) contract to service and repair armament ground support equipment.

A GlaxoSmithKline (GSK) flag near Irvine in Scotland, as GSK brushed aside Brexit jitters and announced that it is pumping £275m into its three UK manufacturing sites, dubbing the UK an

GlaxoSmithKline has brushed aside Brexit jitters and announced that it is pumping £275m into its three UK manufacturing sites, dubbing the UK an “attractive location”.

Stuart Parish, managing director, Travel Weekly Group; Laurence Hicks, managing director of sponsor Wendy Wu Tours; Jeanne Lally, Travel Bureau Gosforth; Renford Sargent, Premier Travel; Roddie MacPhee, Barrhead Travel; Lucy Huxley, editor-in-chief, Travel Weekly Group.

The chairman of East Anglian travel agent Premier Travel has been honoured with a prestigious lifetime achievement industry award.

HOT JOBS

Show Job Lists

Most read

Most commented

Topic pages

Streetlife

Newsletter Sign Up

Sign up to the following newsletters:

Great British Life

Great British Life
MyDate24 MyPhotos24