The UK arthouse cinema chain Curzon has confirmed that it wants to purchase the boutique arm of Cineworld’s UK operation, Picturehouse.
The Cineworld story is one that’s been running and running for some time now, as the beleaguered company fights the effects of a depressed global economy and post-pandemic woes. Cineworld filed for Chapter 11 bankruptcy in the US last summer and were searching for a buyer that would make an all-cash bid for the company, which is the second-largest cinema chain in the world. However, that offer never came and since the end of last year, the Cineworld group has been exploring its options ahead of a crunch presentation with creditors on the 10th of April.
One of those options is to relieve its debt burden by selling off part of its assets, such as its boutique chain of Picturehouse cinemas here in the UK. Now Curzon, the UK arthouse cinema chain has confirmed that it is interested in purchasing Picturehouse from Cineworld with Curzon CEO, Philip Knatchbull stating that under the Curzon banner, Picturehouse “will be able to go back to being more independent and more entrepreneurial in the way they approach their marketing.”
He adds, “I am sure there are many other people who think Picturehouse will be a great capture.”
This public announcement is of course, just the tip of the iceberg. We’ve already seen reports of other would-be purchasers making offers for other parts of Cineworld’s business and come April 10th, we’ll get a better idea of which assets the company is willing to part with to appease creditors. Stay tuned and we’ll bring you more on this one as we hear it.
Screen Daily
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