Member Article

Cineworld snaps up iconic Leicester Square cinema as part of £94m deal

Cinema chain Cineworld is to purchase the Empire Leicester Square cinema as part of a £94m acquisitions and disposals exchange with Cinema Holdings Limited.

The nine-screen multiplex, famous for big name premieres in London, is the most high-profile property in the package of five cinemas that Cineworld have purchased from rival chain Empire in conjunction with the disposal of the three-screen Cineworld Haymarket.

Other properties in the deal include an 18-screen multiplex in Basildon, a 17 screen multiplex in Hemel Hempstead, a 16 screen multiplex in Poole and a four screen cinema in Bromley.

Mooky Greidinger, Chief Executive Officer of Cineworld, hailed the deal for the ‘modern’ and ‘well invested’ venues that will complement the chain’s existing UK-wide estate.

He said: “ It underscores our commitment to operating high quality and modern cinemas across all of our nine operating countries, and our mission to be the best place to watch a movie.

“I’m delighted that the Anderson family, well-known cinema industry veterans, have entrusted these sites to us. We welcome them as shareholders in Cineworld and look forward to delivering increased returns to all of our investors from integrating these cinemas into our group.”

The four main cinemas in the deal will be rebranded under the Cineworld banner, while the smaller Bromley site may operate under its boutique Picturehouse brand.

Thomas Anderson, Chairman of Empire, added: “I’m pleased to have found the ideal partner in Cineworld to buy these sites. Their reputation as good operators gives me confidence in a bright future for the cinemas and their employees, and as a shareholder in Cineworld, I trust the company’s ownership will enable it to maximise the value of these premium assets as part of its continued growth.”

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