Eight cinemas that were part of the collapsed Empire Cinema chain have been put up for sale.<\/p>\n
150 jobs were lost last month when six cinemas were closed immediately when administrators BDO were appointed.<\/p>\n
The remaining eight in the chain initially stayed open – although three have subsequently closed – and it is those sites which are now for sale.<\/p>\n
The cinemas are in Bath, Cheltenham, Birmingham, Sutton Coldfield, Clydebank, High Wycombe, Ipswich and Sutton.<\/p>\n
CBRE has been appointed to sell the portfolio, which has two luxury boutique Tivoli cinemas, five multiplex cinemas and one classic standalone cinema.<\/p>\n
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.<\/p>\n
Toby Hall, senior director of operational real estate at CBRE, said there has already been “significant interest”.<\/p>\n
He added: “This is a rare opportunity to acquire profitable, operating cinemas in a market with renowned high barriers to entry.<\/p>\n
“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.”<\/p>\n
Empire Cinemas was created in 2005 as a result of competition concerns caused by the mergers of Cineworld and UGC, and Odeon and UCI.<\/p>\n","protected":false},"excerpt":{"rendered":"
Administrators were appointed to the cinema chain last month<\/p>\n","protected":false},"author":18,"featured_media":6518,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,9],"coauthors":[81],"class_list":["post-6517","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lifestyle","category-property","tag-bristol-and-bath","tag-featured-story","tag-gloucestershire","tag-greater-birmingham"],"yoast_head":"\n