THE potential of a new Cineworld opening in Colchester has been plunged into doubt as concerns grow over the future of the business.
The cinema site, planned as one of the major businesses at the city's Northern Gateway development, may not happen with a "restructuring" plan looming at the company.
The cinema operator Cineworld announced on Saturday a restructuring plan that will involve the closure of numerous sites in the UK.
The business has confirmed it has drawn up a proposal which will be sent to the court, it would involve reducing rent to market level at some locations in the UK.
It would also include "exiting" six cinema sites in Glasgow Parkhead, Bedford, Hinckley, Loughborough, Yate and Swindon Circus - sites deemed "commercially unviable".
The business will offered any axed staff at the above sites the chance to redeploy, to as many of them as possible, at nearby sites.
If the restructuring plan is approved by the court, it is expected to become effective in late September.
The total number of impacted Cineworld sites cannot be confirmed until the process is completed.
Cineworld Group PLC, the parent company of Cineworld Cinemas was placed into administration on July 31 last year “by the order of the court” according to the business' website.
Work began at The Northern Gateway Leisure Park project in 2022, with major businesses such Hollywood Bowl and Travelodge already opening their doors.
The crowning jewel of the multiplex is set to be a new 12-screen Cineworld.
Billy Fenton, of Colchester, is an avid cinemagoer who enjoys visiting the movies nearly every week – if the forthcoming Cineworld is affected, he believes it would be a “shame.”
He said: “It would be a great shame to see the new Cineworld at the Northern Gateway shutdown before it's even opened.
“As a resident and regular cinema goer, it would be great to have an alternative option to the Odeon and Curzon in the city centre.”
Council bosses have urged residents not to speculate but could not confirm if the cinema was definitely going ahead.
Council leader David King said: “All I can say is we have a great site but like a hundred others, in the same position, not of our making, we have to wait and see what Cineworld and its restructuring means.
“Until we know, it would be wrong to speculate.”
A spokesman for Colchester Council added: “We're aware of media reports about the closure of Cineworld venues across the UK, and we are closely monitoring the situation.
“At this time, we do not have specific information about how this will affect the Colchester site, and we have not received any official communication from Cineworld addressing the specifics of their schedule or the plans for their fit-out.
“With Hollywood Bowl, Travelodge, and various dining options already open, Colchester Leisure Park is already a valuable asset to the city, further strengthening our leisure offer and significantly boosting the local economy."
A Cineworld spokesman said: “We are implementing a restructuring plan that will provide our company with a strong platform to return our business to profitability, attract further investment from the Group, and ensure a sustainable long-term future for Cineworld in the UK.”
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