Cineworld promises 'business as usual' for Picturehouse
Just bought @picturehouses, leading independent cinema chain. We’ll help them grow & learn from them too! #businessasusual
From @cineworld on Twitter:Live updates
Picturehouse responds to customers' takeover concerns
Twitter user @AlexWynick said Cineworld's Picturehouse takeover marked "a sad day for arts and indie films."
Picturehouse responded:
@alexwynick @jonathanhaynes we wholeheartedly disagree. It means we can grow Picturehouses faster.
From @picturehouses on Twitter:Chris Rand thought it was "a bit scary for us members."
Picturehouse replied:
@cherryhintonblu nothing to worry about. Our members remain our most important customers.
From @picturehouses on Twitter:Labour Councillor Jonathan Hawkes hoped that his local Picturehouse would "continue with indie/foreign language / original programming."
The company said:
@cllrjonhawkes We will indeed. We will still programme films independently. More details: http://t.co/NQybunft
From @picturehouses on Twitter:Advertisement
Cineworld buys Picturehouse cinema chain
Art-house cinema chain Picturehouse was snapped up for £47.3 million today in a deal expected to net its founder a multimillion-pound fortune.
Cineworld's acquisition of Picturehouse will add 21 cinemas and 60 screens to the 80-strong group, including the Cameo in Edinburgh, 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 hefty sum from the deal, as she was one of the company's major shareholders.
Cineworld said the deal will allow it to tap into "new audiences in a high value and growing part of the market".
Picturehouse, which has 750 staff, will continue to be run as a separate business within Cineworld and its existing management team will remain in place, according to Cineworld.
Cineworld banking on Bond for end of year boost
Cineworld, the UK's largest cinema operator, is banking on James Bond saving the day following a drop in audience figures through the first half of the year.
Box office admissions fell 0.8% in the 26 weeks to June 28, although a small rise in ticket prices kept revenues up during the period.
But Cineworld said the release of the latest Bond film Skyfall, The Hobbit and the final entry in the Twilight series should bring a strong end of year boost.
Comic-book adventure Avengers Assemble was the top performer during the first half of the year, grossing more than £51 million in the UK.