Cineworld could axe around 25 cinemas in proposed restructuring plan, according to reports

Cineworld is planning to shut around a quarter of its UK cinemas in its latest restructuring, according to reports. The cinema chain, which currently runs around 100 sites across the country, is expected to launch closures as part of a formal restructuring plan.

Sky News reported that the group, which was taken private last year, will also seek renegotiated rents on around 50 other cinemas, with the remaining roughly 25 sites untouched by the process. The PA news agency has contacted Cineworld for comment.

No specific sites have been named at this stage. There are Cineworld sites in Llandudno Junction and Broughton shopping park.

The group, which also runs the Picturehouse chain, is among cinema firms to have been knocked by the growth of streaming services, delays to releases following actor and writer strikes, and the increased cost-of-living for customers.

Sky reported that the restructuring proposals were expected to be formally outlined to creditors including landlords in the coming weeks. It is understood that financial services firm AlixPartners is acting as an adviser during the process.

The group was listed on the London Stock Exchange until last year, when it was taken over by investors and hedge funds after it had been hamstrung by its multibillion-pound debt pile.