Ealing Cinema Opening Delayed Further
Picturehouse unlikely to launch until end of year as financial woes increase
A visualisation of what the Ealing cinema would look like. Picture: St. George's
The centrepiece of the Ealing Filmworks development, the eight screen Picturehouse Cinema, will not now be opening at least until the end of the year.
A spokesperson for the St George’s group, which is developing the major mixed-use project in the centre of Ealing, has confirmed it is currently planning to open in the fourth quarter. Unofficial comment from people with knowledge of the scheme’s progress has suggested that December is the earlier date possible for the launch.
Even this may be subject to further delay due to the ongoing financial problems of the Cineworld group which owns Picturehouse. The company lost a court case this week which obliges it to pay $1billion compensation for failing to go through with the purchase of a Canadian cinema chain.
Financial analysts say that, were the other party to insist on full payment, Cineworld would be forced into bankruptcy. Fortunately for them other creditors have priority in the event of a liquidation of the company which means the full cost of the court settlement is unlikely to be claimed. Investors believe that the two companies will come to a settlement for a much lower amount if the appeal against the verdict by Cineworld is unsuccessful.
Cineworld, which is the second largest cinema chain in the world, has debt of $4.6billion according to the most recent filings and has been in serious financial difficulty since lockdown significantly impacted its revenue. It has been taken to court by the owners of the Trocadero Centre, which is where its flagship Picturehouse Central cinema is based, for non-payment of £1.4million in rent. It has also entered into negotiations to delay payment of a separate $170mn settlement owed to shareholders in Regal, the US cinema network it bought back in 2017.
The company says it is now cash-flow positive and revenues are more than three-quarters of the level they were at with blockbuster releases such as the new Spiderman movie boosting its coffers. However, there remains scepticism among analysts that the recovery will be sufficiently robust for the group to meet the cost of servicing its debt with cinema-goers possibly remaining hesitant even when Covid-19 infection rates fall.
The Filmworks development contains over 200 art-deco inspired flats which are currently being marketed. The theme harks back to the original Empire Cinema in Ealing which was built in 1934 and blocks within the development were named after film stars. The cheapest units could be acquired for just over £300,000 in a discount market scheme made available through a partnership between St George and Ealing Council. However, most of the flats are much more expensive than this and a limited number available to move into straightaway are being advertised at £994,950 - £1,149,950.
An open weekend is being held on Saturday 5 and Sunday 6 February gave the opportunity for people to tour show homes in the development. They contain marble-effect worktops and wood-effect flooring and will benefit from a 24 hour concierge service.
In March of last year the council made a statement that the cinema project was ‘well-advanced’ and that the cinema was due to be handed over to Picturehouse that Summer with a view to opening in Spring of this year.
The failure to meet this deadline is the latest in a series of disappointments for residents of Ealing who were looking forward to having a cinema back in the area for the first time since 2008.
Work has been ongoing at the site since 2016 and originally it was announced the cinema would be operating in Spring of 2019. This date has been pushed back several times, first to 2020, and then to expected opening in summer 2021 with the Covid-19 pandemic contributing to the delays.
Whilst Ealing has been kept waiting, cinemas have opened in Acton and Chiswick and a cinema in the former Karma Club in Ealing Broadway which is being developed as a joint venture between British Land and Really Local Group looks likely to open before the Filmworks site.
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February 7, 2022