Landsec lines up Vue to replace Cineworld at two cinemas
Landsec has agreed leases with cinema operator Vue to replace Cineworld at two sites.
Vue will now take over the cinema operations at Tower Park in Poole and XScape Yorkshire in Castleford.
This comes after Cineworld announced last week that the two sites – along with venues in Middlesbrough, Leigh, Northampton, and Weymouth – would close as part of a restructuring plan.
The cinema operator – which trades from over 100 locations in the UK including under the Picturehouse brand – has had a troubled few months, having previously explored the option of a sale before opting to move forward with a restructuring plan. Documents previously seen as part of the process revealed that the company was unable to meet a quarterly rent bill in June of £15.9m.
The cinema chain delisted from the London Stock Exchange last August, after its share price plummeted amid fears for its survival. This came following an administration process which saw Cineworld’s shareholders miss out on any recovery.
Mark Warne, director of hospitality and leisure at Landsec, said: “We believe strongly in the future of physical retail and the important role that leisure attractions play in the retail mix. Cinema continues to be the place where people want to experience film content. By enhancing the cinematic experience, we believe this will continue for a long time to come. Our focus is always on working with our key partners, like Vue, to create memorable experiences in the right locations that attract guests from further afield for longer periods.”