Overcast

Overcast

max temp: 15°C

min temp: 12°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

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

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

The Teapot at Mcginty's Ipswich. Junk Food cafe run by Mischa Pearson and voulnteers.
Pictured Sarah sharlott, kath gosling, mischa Pearson, Adam Ferguson, Anna engstrom

An award-winning pay-what-you-feel cafe which supports dozens of homeless and vulnerable people in Ipswich has been given just three weeks to find a new base.

Former Seven Resourcing apprentices with Ben Gummer MP, from left, Elliot Frost, Mike Wright, Jade Nunn, Jesse Miller, Ben Gummer and George Owen.

Ipswich-based specialist recruitment agency Seven Resourcing has hosted a visit from the town’s MP, Ben Gummer, to showcase the success of its apprenticeship scheme.

Spending on Eating Out remained robust during April, according to a survey carried out for Greene King.

Britons continued to enjoy eating out during April, according to a new survey, despite reports of growing concern over the strength of the UK economy and the potential impact of a vote to leave the EU in next month’s referendum.

Meeting organised by the Institute of Directors about Suffolks burgeoning film industry. Julien Mery, co-founder of Livid Films and director of Film Suffolk, discussed how the creative community in Suffolk is putting the county on the UK and worlds creative industry map. L-R Sarah Brown, Graham Kill, Julien Mery and Old Jet's Jesse Quin.

A group of executives got to see the creative side of Suffolk’s economy at one of the county’s most popular filmmaking locations.

Oliver Paul, owner of the Suffolk Food Hall, DEFRA Secretary Liz Truss, South Suffolk MP James Cartlidge and Babergh District Councillor Jennie Jenkins meet for an informal meeting on the outcome of the RDPE funding provided for the commercial artisan kitchens in the Cookhouse at the Suffolk Food Hall.

Apprenticeship Levy funding from major supermarket chains and food manufacturers could deliver a boost to skills training for smaller food businesses and farming, a senior Government minister has said during a visit to Suffolk.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24