Cineworld: Bedford cinema at risk as company seeks new buyer

Bedford Cineworld is at risk of closing down.

After the chain fell into administration last autumn, it was hoped it would be able to find a suitable buyer.

But in an update on Friday (February 24), Cineworld said although it has a number of potential buyers, none are willing to pay for the whole business, which is currently £5 billion in debt.

The chain has 129 cinemas across the UK and Ireland – including the one at Aspects Aspects Leisure Park – and employs around 28,000 workers globally.

The brand has said it hopes to recover from bankruptcy protection before the middle of 2023 – and is still fully operational.

A spokesperson for Cineworld said: "The company has now received non-binding proposals from a number of potential transaction counterparties for some or all of the group’s business.

“The company is reviewing such proposals in conjunction with its advisers and key stakeholders and, whilst no decision has been made as to whether to pursue a sale transaction, and the terms of any such transaction remain uncertain, based on the proposals received to date, it is not expected that any sale transaction will provide any recovery for the holders of the company’s equity interests."

Cineworld added: “As announced on September 7, 2022, during the restructuring process, Cineworld continues to operate its global business and cinemas as usual without interruption. Cineworld and its brands around the world - including Regal, Cinema City, Picture House and Planet - are continuing to welcome customers to cinemas as usual. The Group continues to honour the terms of all existing customer membership programmes, including Regal Unlimited and Regal Crown Club in the United States and Cineworld Unlimited in the UK.”

Last year the firm filed for bankruptcy, following struggles after the Covid pandemic.