Sunny

Sunny

max temp: 9°C

min temp: 2°C

ESTD 1874 Search

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.

shares

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

shares

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

View over Sudbury showing the area that could be used for the bypass

A bypass is the “key to prosperity in Sudbury”, it has been claimed, but so far the route has not been included in an official blueprint mapping out the future of the area over the next 20 years.

Stock image: emergency services at the scene of a fire

Firefighters tackled a blaze at a residential caravan in west Suffolk last night.

Christine Taylor and her grandson William Taylor and her partner Philip Wall - all victims of a crash on the A14 at Trimley.

A car passenger has died after never recovering from injuries suffered in a crash which killed two other people – two and-a-half years ago.

Police officer. Library image.

Exclusive: Last year officers at Essex Police took more than 11,000 sick days for stress, anxiety or depression – more than double the figure five years ago.

Man admits sexual assault

Police have expressed their relief that a woman who was sexually assaulted in her own home will not need to re-live her experiences during a trial, as her attacker admitted to the crime.

Police road closure.

A van driver has been rushed to Addenbrooke’s Hospital in a life-threatening condition after a crash near Higham.

Traffic. Library image.

The A12 northbound has reopened at Witham after a six vehicle crash.

Colchester United v Notts County FC.
Sky Bet League One.
Kayleigh Osborne in action for Col U.

Colchester United 0 Notts County 1

Halstead sign

A man suffered a serious injury to his groin after being held in a headlock by one man and kicked up to 20 times by his companion, it has been alleged.

Suffolk’s Year of Cycling launch event at the Apex, Bury St Edmunds. No names.

‘Get on your bike and get riding’ was the message sent out to the people of Suffolk at today’s launch of the county’s Year of Cycling.

Most read

Most commented

Topic pages