Key facts
- Everyman will open a new five-screen cinema at the £500 million Elephant & Castle regeneration project.
- The cinema chain has experienced recent financial difficulties, including a £10 million pre-tax loss.
- Everyman is considering dropping its AIM listing due to investor pressure.
- The Elephant & Castle redevelopment is backed by pension fund developer Get Living.
- The project's town centre is scheduled to open later this year with several retail tenants.
Everyman is set to open a new five-screen cinema at the £500 million regeneration of Elephant & Castle in south London. The up-market cinema chain has faced challenging trading conditions recently but anticipates a boost from the expected footfall at The Elephant development.
This will be Everyman's 17th venue in the capital. Farah Golant, chief executive of Everyman, stated that opening at The Elephant is an exciting moment, highlighting the vibrant and creative community of Elephant & Castle. The company is listed on London's junior AIM market.
Golant was appointed as permanent chief executive in April, following the departure of Alex Scrimgeour after a profit warning in December. The cinema firm's share price has recently declined amid discussions about potentially dropping its AIM listing. Private equity firm Blue Coast Capital has accumulated a stake nearing 30%, which would necessitate a takeover bid.
Everyman has not turned a profit since 2019 and reported a £10 million pre-tax loss for the year ending January, despite a nine percent increase in revenue to £117 million. However, the company did report a 23 percent growth in admissions and a 27 percent revenue jump to £59 million in the 21 weeks leading up to May, supported by releases such as 'Wuthering Heights' and 'The Devil Wears Prada 2'.
Aidan Malia, senior director of The Elephant, commented that Everyman's addition further enhances the leisure, food, drink, and retail offerings at The Elephant, marking another significant milestone for the new town centre. The project's town centre is slated to open later this year and will feature retailers including M&S, Superdrug, and Pret A Manger. The development, supported by Get Living, recently received approval for an additional 507 homes, with 49 designated for affordable rent.