by Amber Rose
Miller Developments has signed an agreement to buy 18 of ABC Cinemas’ in-town sites. ABC Cinemas’ portfolio of 23 sites is worth close to £25m.
Pub and other cinema operators also expressed interest, but the deal with Miller is set to be completed in January.
Miller’s business development director, Malcolm Deans, said the company was talking to ABC, but he would not comment on the future development of the sites. Miller is thought to be considering redeveloping the cinemas as themed pubs.
Barry Jenkins, ABC chief executive, said the money raised would finance ABC’s multiplex developments: “At the moment our plans are to develop in town centres. We have a number of applications to redevelop our existing sites into multiplexes.”
ABC is planning 10-screen cinemas and work will start in January in Streatham, Nottingham, Edinburgh and Staines. It was given planning permission for a £10m leisure scheme in Aylesbury. Work will begin on the 5,576m2 (60,000 sq ft) building in the spring. The development consists of a six-screen cinema with restaurants and bars.
ABC said it is selling its sites because they can no longer survive in the face of fierce competition from multiplexes. It claims that it is attracted to town-centre developments because planning applications are easier to get than for out-of-town schemes.
