End of Empire as property agents put cinemas up for sale

Eight cinemas that were part of the collapsed Empire Cinema chain have been put up for sale.

150 jobs were lost last month when six cinemas were closed immediately when administrators BDO were appointed.

The remaining eight in the chain initially stayed open – although three have subsequently closed – and it is those sites which are now for sale.

The cinemas are in Bath, Cheltenham, Birmingham, Sutton Coldfield, Clydebank, High Wycombe, Ipswich and Sutton.

CBRE has been appointed to sell the portfolio, which has two luxury boutique Tivoli cinemas, five multiplex cinemas and one classic standalone cinema.

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 there has already been “significant interest”.

He added: “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.”

Empire Cinemas was created in 2005 as a result of competition concerns caused by the mergers of Cineworld and UGC, and Odeon and UCI.