Padel to replace the pictures as Vue cuts cinema space

Vue is halving its space in Fulham Broadway shopping centre as cinema operators continue to struggle. The chain is the anchor tenant of the 200,000 sq ft shopping centre, SW6, owned by CBRE Global Investors, but is downsizing its space to 25,000 sq ft from 50,000 sq ft. Savills has been mandated to find a taker for the 25,000 sq ft. EG understands that a padel court operator will occupy part of the space, while Savills is also seeking additional F&B tenants. Sainsbury’s is the second anchor tenant of the shopping centre. Other occupiers include Pret A Manger, Nando’s, Wagamama, Starbucks and Boots. The move to cut space follows the wider struggles facing the cinema industry, with big players such as Cineworld experiencing financial difficulties. In January, Vue announced a debt-for-equity swap to help its finances in the wake of Hollywood strikes. The operator secured approximately £50m in capital from lenders by exchanging equity. This marked Vue’s second debt-for-equity swap, following its clearance of £470m in debt earlier in 2023 through a similar move. Savills declined to comment. Photo © Tima Miroshnichenko/Pexels