Independent cinema fans are to be treated to a flush of new art-house cinemas in the capital’s suburbs and the home counties after the Everyman chain struck a deal with Odeon.
Everyman Media Group said it had raised £20 million from a share placing which would help to fund its acquisition of four new cinemas in Esher, Gerrards Cross, Muswell Hill and Barnet.
The deal sees Everyman pay £7.1 million for the four sites, which together have 14 screens, from Odeon Cinemas.
The company said it would cost £6.1 million to refurbish the properties to Everyman standards.
Everyman, which currently has 11 cinemas in London and the South East, as well as in Birmingham and Leeds, also opens in Canary Wharf next month.
The company, which owns some of London’s oldest cinemas, attempts to lure in affluents cinema-goers by screening indie flicks including A Little Chaos featuring Kate Winslet and offering a waiter-service bar and plush seats.
Everyman, which came to the junior AIM market in 2013, said this deal will accelerate its growth plans.
The cinema company was founded in 2000 when a group of investors rescued the ailing Everyman Cinema in Hampstead from receivership. It said the roster of films lined up for 2015 is “encouraging”.
