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Cineworld gets financial lifeline

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The troubled chain Cineworld, which owns a number of cinemas in Cambridgeshire, has secured a £336million debt lifeline to help guide it through the coronavirus pandemic.

Cineworld sign Picture: PA
Cineworld sign Picture: PA

The group, which has temporarily closed its UK and US sites, said it has also secured access to another £233million in liquidity to boost its finances.

Shares soared on Monday after it disclosed the new lending facility, which will mature in 2024.

Last month, Cineworld - which also owns the Regal chain in the US - shut the doors to 633 of its cinemas, leaving as many as 45,000 workers unemployed.

It was one of a raft of cinema chains to be affected by the pandemic, as film studios push back the release dates of major new movies, including the latest James Bond film, No Time to Die, to 2021.

Mooky Greidinger, chief executive of Cineworld, said: “Over the long term, the operational improvements we have put in place since the start of the pandemic will further enhance Cineworld’s profitability and resilience.

“The group continues to monitor developments in the relevant markets in which we operate and our entire team is focused on managing our cost base.

“We look forward to resuming our operations and welcoming movie fans around the world back to the big screen for an exciting and full slate of films in 2021.”

Cineworld operates cinemas in Ely, St Neots and Huntingdon - and also owns the Arts Picturehouse in Cambridge as part of its Picturehouse chain.

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