* UPDATE June 2021: Picturehouse parent company Cineworld is worrying its shareholders. Some are alarmed by the huge amount of interest-costly loans the company has had to take out since the pandemic hit its 767 cinemas, which have only recently been able to reopen in England. Investors hope, however, that the group can, in the words of German bank Berenberg, “muddle through”
* UPDATE November 2017: Cineworld is about to close all its 128 movie theatres after release of the new James Bond film, a much-anticipated industry lifeline, was again postponed, until next spring 2021, reports The Sunday Times.
* UPDATE November 2017: While Picturehouse workers fight for their right to a reasonable wage, the two billionaires who own Cineworld are trying to become even richer by breaking into America, the world’s biggest cinemas market. Unfortunately for Mooky and Israel Greidinger, their shareholders have turned down the proposal to buy the US group Regal Cinema.
ON ITS WEBSITE Picturehouse Cinemas says it was formed “to challenge the multiplex model and provide cinemas that serve their communities in city-centre locations”.
Can this be the same company that less than two years ago sold out to Cineworld, a multinational that runs more than 200 movie theatres?
The deal had was important locally because the council gave Picturehouse the lease to a prime site in Mare Street for the sum of £1 – after about £35 million of public money was spent on the buildings as Hackney council, with Arts Council help, busied itself turning the former library into Ocean.
The arts centre’s name proved ominously predictive: the council venture into pop and other modern culture sank.
So the council was relieved when Picturehouse, giving members a load of guff about local involvement, said it could use the site for a cinema.
The guff after the sale of the Picturehouse company was no more convincing.
Picturehouse was also slow to tell its supporters about how its challenge “to the multiplex model” was going: not until months later did director Goleby write to members (of whom my editor is one), mentioning the deal almost incidentally by saying “A number of you have expressed concerns…”.
Goleby said it was simply “a timely way” to get the company a public listing. Nothing to do with making her and her co-founders rich, then.
And how goes the intention of Picturehouse Cinemas to “serve their communities”?
A community group calling itself Hackney Citizens has been campaigning at the cinema for the staff to be paid the living wage.
The trade union Bectu has also been busy in Hackney since it won the wage rise for Ritzy Picturehouse staff. The popcorn-munchers of Mare Street seem barely bothered by the low-pay issue, apparently persuaded by marketing that portrays the theatre as a community venue.
What chance has the under-resourced Dalston single-screen cinema against such competition?
Hamish Scott 040515
* Emboldened underscored words in most cases indicate a hyperlink, a reader service rare among websites. If a link does not work, it is probably because the site to which the URL refers has not been maintained. Most photographs can be visually enlarged by pressing on them.