Everyman Cinemas, the London-focused art house chain, today joined the rush of firms floating in London in a deal valuing it at £31 million.
The placing by Everyman, which is backed by the Lewis family (founders of the River Island fashion chain), Travelex’s Lloyd Dorfman and pizza chain ASK’s founder Adam Kaye, raised £8.1 million on the junior market AIM. The indy cinema chain is expected to use the funds to expand across the UK from its current ten upmarket cinemas, including ones in Belsize Park, Baker Street, Hampstead and Maida Vale.
It has grown by setting itself apart from multiplexes, offering sofas, wine and cakes to movie fans.
Multiplex owner Cineworld has also tapped into that market with its £47 million acquisition last year of the rival Picturehouse group, owner of the Ritzy cinema in south London.The Everyman group started in 2000 by rescuing a struggling Hampstead cinema and in 2008 it acquired the rival Screen Cinemas chain, which operated Belsize Park’s Screen on the Hill and Islington’s Screen on the Green, one of the oldest continously- running cinemas in the UK.
Recent float plans in London, after Royal Mail’s debut, include London Eye owner Merlin Entertainments and sofa group DFS.
