Uncertain future for Swindon cinemas amid closure plans

Cineworld cinemas at Regent Circus and Shaw Ridge face an uncertain future following news the firm is reportedly planning plans to close a quarter of its sites.

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 has reported 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.

It is not yet known which sites will be affected either by closure or renegotiated rents, and if that would include one, or both of the Swindon venues.

(Image: Newsquest)

The group, which also runs the Picturehouse chain, which consists of 26 cinemas, 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.

Cineworld at Regent Circus, SwindonThis follows a period of huge uncertainty for the chain as a whole after it was forced to file for administration in 2023.

At the time, a spokesperson said: "Cineworld continues to operate its global business and cinemas as usual without interruption and this has not and will not be affected by the entry of Cineworld Group plc into administration on July 31, 2023."

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

The investors exchanged billions of pounds worth of debt for equity in the business after the group also filed for bankruptcy protection in the US.

It had previously been reported that Cineworld was working with advisors on a strategic review that could lead to the disposal of its UK operations.

Sky News reported last month that the company had begun contacting prospective bidders.

At the time of these reports, a Cineworld spokesperson said: "Like many businesses, we are continually reviewing our UK operations.”

The Cineworld group currently has 751 sites operating in 10 different countries.