Everyman Media Group completes purchase of four Odeon sites
2 min read
11 August 2015
Independent cinema group Everyman has put the finishing touches to a deal which sees it add destinations in Muswell Hill, Barnet, Esher and Gerrards Cross.
Back in April, the business, which is listed on London’s Alternative Investment Market (AIM), announced it had raised £20m to finance the acquisitions – noted as being complementary to its organic roll out plan.
Prior to the purchases, Everyman had 11 cinemas in London, the south east, Birmingham and Leeds. Its most recent opening was in Canary Wharf during May. In total, it has 22 screens operating under the Everyman brand.
The business was founded at the turn of the millennium by Daniel Broch following the purchase of its maiden site in Hampstead, London. When Broch bought Screen Cinemas in 2008, he then sold a majority stake in the business.
With £7.1m needed to buy the four existing cinemas, a further £6.1m was earmarked for refurbishment to “existing Everyman standards”. Work will now begin following landlord approval for each of the four locations being secured.
The Esher cinema building was constructed in 1937 and has also been run by Embassy and ABC Cinema. It has original an Neo-Georgian facade and tall round-headed windows still intact.
Everyman’s latest financial results, which were for the year ending 31 December 2014, revealed the business posted revenues of £14.1m (up 22 per cent) and EBITDA of £1.4m (up from £1m the previous year).
Its four new sites reported unaudited revenue of £3.6m, and an EBITDA of £500,000, for the 12 months ending December 2014.
Odeon, which operates as Odeon & UCI Cinemas Group, had 244 cinemas and 2,232 screens as of March 2015. It operates in four main markets: UK, Spain, Italy and Germany – as well as three smaller markets: Austria, Portugal and Ireland.