Everyman to open at Elephant & Castle as £500m regeneration gains pace
Everyman is set to expand its presence in the capital with a new five-screen cinema at the £500m regeneration of Elephant and Castle.
The up-market cinema chain has faced tough trading conditions in recent years but hopes to take a boost from the footfall expected at The Elephant, the redevelopment of the south London area.
Everyman, which is listed on London’s junior AIM market, will open its 17th venue in the capital at the new site.
Farah Golant, chief executive of the cinema chain, told City PM: “Opening at The Elephant is a hugely exciting moment for Everyman.
“Elephant & Castle is a vibrant, creative community, and we can’t wait to welcome locals and visitors to experience the magic of the big screen alongside the warm, first-class hospitality that defines Everyman.”
Everyman to ditch AIM
Golant was appointed as permanent boss of Everyman in April, following the shock departure of former chief Alex Scrimgeour after a profit warning in December last year.
The cinema firm’s share price took a dip last month after it said it is likely to drop its AIM listing.
Private equity firm Blue Coast Capital has built up a more-than 29 per cent stake in the firm, nearing the 30 per cent mark at which it would be required to launch a takeover bid.
Everyman has not turned a profit since 2019 and it posted a £10m pre-tax loss in the year to January, despite a nine per cent jump in revenue to £117m.
‘Milestone’ in Elephant redevelopment
Last month, the firm revealed that it saw 23 per cent growth in admissions and a 27 per cent jump in revenue to £59m in the 21 weeks to May, boosted by releases like Wuthering Heights, Michael and The Devil Wears Prada 2.
Aidan Malia, senior director of The Elephant, told City PM: “The addition of Everyman further strengthens the already compelling line-up of leisure, food & drink, and retail operators at The Elephant, and marks another major milestone for Elephant & Castle’s new town centre.”
The project’s town centre is set to open later this year and will include retailers like M&S, Superdrug and Pret A Manger.
The development, backed by pension fund developer Get Living, recently saw the green light for a further 507 homes, including 49 available for affordable rent.