Glasgow Parkhead Cineworld will be shutting down alongside four other UK branches of the cinema despite successfully staving off the threat of administration in a High Court appearance. The Scottish cinema, which is located in the Forge Shopping Centre, is set to shut this weekend on October 6 after 19 years. The cinema first opened its doors as Cannon Cinemas in 1989, making it Glasgow's first modern multiplex cinema.
Following a High Court ruling on October 1, restructuring plans for four of its companies - Cine-UK Ltd, Cineworld Cinemas Ltd, Cineworld Cinema Properties Ltd and Cineworld Estates Ltd - were approved, the Mirror reports. This means that £16million of fresh equity will be injected from their indirect parent company to meet immediate financial needs, with a potential additional £35million in the pipeline. Despite this financial lifeline, five cinemas are set to close: Glasgow Parkhead, Bedford, Loughborough, Yate and Swindon Regent Circus.
The timeline for these closures is yet to be confirmed. However, Cineworld Hinckley, which was previously marked for closure, will now remain open. Glasgow Parkhead (closing October 6) Bedford (closing October 6) Swindon Regent Circus (closing October 6) Loughborough (closing October 13) Yate (closing October 13) Stuart Bray, leader of Hinckley and Bosworth Borough Council, welcomed the news, stating: "This is excellent news for the town, for the taxpayer, for Cineworld employees and for local businesses.
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