Former Cineworld boss looks to snap up struggling UK sites for new venture
Mooky Greidinger is eyeing up the UK for a new venture as the former Cineworld boss attempts to woo over the embattled cinema chain’s landlords with his plans.
Greidinger, who was behind the rise of Cineworld before it was buried by the lingering burden of debt due to the Covid-19 pandemic, is reportedly in talks with Cineworld landlords in hopes to snap up some of the struggling UK chain’s sites.
Securing some of Cineworld’s 100 venues across Britain and Ireland would be the next step in rolling out what is said to be Greidinger’s new — yet unnamed — venture, according to a report first seen in the Sunday Times.
City sources told the Sunday Times that the former boss had flown to the UK recently to hold conversations with Cineworld landlords. However, the number of Cineworld locations in discussion is yet to be revealed.
It was revealed that Cineworld was considering axing around a quarter of its cinemas in the UK earlier this summer as it kicked off talks with landlords about a plan for closure.
It was understood that cinema operators were expected to step in to take over some of Cineworld’s sites if landlords refuse to reduce rent on the properties, according to an original report by Mark Kleinman of Sky News.
Cineworld first ran into trouble in 2022, when a share price collapse in light of a debt crisis led it to de-list from the London Stock Exchange.
The firm filed for bankruptcy in the US in September of 2022 after lockdowns on both sides of the Atlantic left it in a tricky financial situation.
It struck a debt restructuring deal with investors in which billions of pounds of debt were traded into shares and a significant amount of money was injected into the company.
Six closures have so far been announced.
It has more than 28,000 staff across 751 sites globally – including at the Picturehouse chain – with 128 locations in the UK and Ireland.
Cineworld has been contacted by City PM for comment.