Cineworld in Northampton and Rushden Lakes at risk of closure as chain issues update

Cinemas in both Northampton and Rushden Lakes could be at risk of closure as a chain, which is in trouble, has issued an update.

The future of Cineworld has been in the balance since last Autumn and is currently searching for a buyer for the business.

The cinema chain announced it has a number of potential buyers, but none are willing to pay for the whole business, which is currently £5 billion in debt. If a buyer is not found, a total of 129 cinemas across the UK and Ireland - including at Sixfields and Rushden Lakes - would be at risk of closure. Although the company says it is business as usual at the moment.

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.”

The brand has said it hopes to recover from bankruptcy protection before the middle of 2023 and is still fully operational. However, its future remains uncertain while proposals are reviewed.

The 100th Cineworld at Rushden Lakes only opened its 14-screen cinema at the £140m retail destination on June 28, 2019 before shutting in March 2020 because of Covid-19.