Cheltenham boutique cinema gone into administration
By Cat Hage | 24th August 2023
Following the collapse of Empire Cinemas and the closure of several sites, a portfolio of eight cinemas comprising two luxury boutique Tivoli cinemas in Cheltenham and Bath, five multiplex cinemas and one classic standalone cinema are up for sale and continue to trade as the administrators look for a buyer.
BDO LLP were appointed Joint Administrators responsible for managing the business and assets of the company in July.
Since then, global real estate advisor, CBRE, has been appointed to sell the assets which are located across the UK in Cheltenham, Bath, Birmingham, Clydebank, High Wycombe, Ipswich, Sutton and Sutton Coldfield and are available to purchase as either a single portfolio, individual sites, or a combination thereof.
The assets are available on a variety of tenures with freeholds, long leaseholds, and occupational leaseholds, providing buyers with an opportunity to leverage some of the real estate post-acquisition.
In addition to the cinemas, the fully operational head office in Leicester Square will be offered as part of the sale, which is on a peppercorn rent for the next three years.
Toby Hall, senior director, of operational real estate at CBRE said: "This is a rare opportunity to acquire profitable, operating cinemas in a market with renowned high barriers to entry. The sale can either act as a platform for parties to enter the sector or allow existing operators to complement their current estate by acquiring individual or multiple cinemas. We have received significant interest from a wide pool of prospective buyers as they look to capitalise on a recovering industry."
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