Everyman, the luxury cinema chain known for its sofas and gourmet offerings, has faced a turbulent period. In December, the company issued a profit warning, wiping nearly a fifth off its market value. Days later, its finance director announced his departure, and by the end of the month, chief executive Alex Scrimgeour resigned with immediate effect, capping what analysts described as “a year to forget”.
The challenges come as rivals such as Odeon and Vue have launched similar premium concepts, eroding Everyman’s competitive edge. The chain has not made a pre-tax profit since 2019, accumulating over £56m in losses over six years, while debt has risen to £21.6m. Impairment charges of more than £6m were booked in the last three years after assessments found some venues underperformed.
Interim chief executive Farah Golant, who took over in December, has frozen expansion to focus on debt reduction. Analysts suggest potential changes include allowing pre-ordering to improve kitchen efficiency and enhancing the membership scheme, which grew 18.5% last year to 67,000 members. The company’s share price has risen 24% since the start of the year to 36p, though it remains down nearly 80% over five years.
Despite the difficulties, Golant sees opportunity in growing demand for premium cinema among Gen Z audiences. “The market appetite for premium cinema is growing,” she said, emphasising plans to optimise venues as “third spaces” and strengthen relationships with distributors and brand partners. Everyman’s market value now stands at £32m, similar to its 2013 listing.
