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Cinemas in Rochester, Ashford and Dover at risk as Cineworld looks to close 25 sites

Cineworld, which has three cinemas in Kent, is looking to close 25 of its sites across the UK, according to reports.

The chain – which has movie theatres in Rochester, Ashford and Dover - wants to close roughly a quarter of its 100 cinemas and negotiate rent reductions at another 50 as part of radical restructuring plans.

A multimillion-pound extension opened at Cineworld in Ashford in 2022
A multimillion-pound extension opened at Cineworld in Ashford in 2022

It’s unclear at this stage which cinemas will be affected.

Further details are expected to be formally outlined in the coming weeks, according to Sky News.

It comes after the company filed for Chapter 11 bankruptcy in the US in 2022 after being weighed down by debts and weaker-than-hoped audience numbers.

It’s understood Cineworld was holding initial talks about a sale with prospective buyers, and then switched to a formal restructuring process.

Other cinema operators could take over some of Cineworld's sites if landlords refuse to agree to the proposed terms.

Cineworld at the Medway Valley Leisure Park in Rochester
Cineworld at the Medway Valley Leisure Park in Rochester

The cinema in Dover only opened in 2018 at the St James development as a flagship attraction and the town's first-ever multiplex cinema.

It was the first business to open at the £53 million retail and leisure complex.

In 2022, the new IMAX and 4DX extension finally opened at its Ashford site on Eureka Leisure Park following a multimillion-pound expansion.

The group, which also runs the Picturehouse chain, is among cinema firms to have been knocked by the growth of streaming services, delays to releases following actor and writer strikes, and the increased cost-of-living for customers.

Sky reported that the restructuring proposals were expected to be formally outlined to creditors including landlords in the coming weeks.

Three Cineworld sites in Kent could be at risk of closure
Three Cineworld sites in Kent could be at risk of closure

It is understood that financial services firm AlixPartners is acting as an adviser during the process.

The group was listed on the London Stock Exchange until last year, when it was taken over by investors and hedge funds after it had been hamstrung by its multibillion-pound debt pile.

The investors exchanged billions of pounds worth of debt for equity in the business, after the group also filed for bankruptcy protection in the US.

Earlier this year, Cineworld backed out of the Picturehouse theatre it owned in Ashford, six years after it opened.

Bosses decided to end their lease at their site in Elwick Place saying it was a hard decision to leave the town centre.

It has since been taken over by Ashford Borough Council and renamed The Ashford Cinema.

The authority took over in May saving 26 jobs.

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