Exeter Picturehouse is acquired by Cineworld Group

Cinema chain Cineworld Group has acquired independent cinema operator Picturehouse, which includes cinemas in Bath and Exeter, for £47.3m.

Picturehouse is to operate as a separate entity within the Cineworld Group and will continue to be run by its existing management team.

Founder director Lyn Goleby is to continue in her role as managing director. Cineworld is to fund the transaction from existing undrawn bank debt facilities, assumed debt and the cash proceeds from a proposed issue of up to 6.85 million new ordinary shares.

Ms Goleby said: “The Picturehouse cinemas, and all that we stand for, will remain as before and will operate as a standalone division of Cineworld. Everyone recognises that the success of this change depends on the unique nature of the Picturehouse Cinemas being protected; the programming policy will not change, the membership schemes will remain in place and the independent identity of the cinemas will be protected.”

Stephen Wiener, chief executive officer of Cineworld, said: "We are delighted to welcome Picturehouse to the Cineworld Group. This acquisition gives us an opportunity to accelerate our growth by reaching new audiences in a high value and growing part of the market.

We recognise that Picturehouse is valued by its customers and we look forward to supporting the business through the next phase of its development."