Hollywood Cinemas call in administrators

Thu, 14 Feb 2019 | ADMINISTRATION



A chain of East England cinemas has been forced into administration after 30 years of business, citing poor trading conditions throughout the year as the reason for the company’s downfall.

Hollywood Cinemas, which ran its franchise through three venues in Dereham, Norwich and Great Yarmouth, has ceased its trading operations and called in insolvency practitioners Parker Andrews to handle the administration process. Its partner, Nick Cusack, has been assigned as the lead administrator.

A statement from Parker Andrews stated: “The administrator has commenced the process of selling the business and assets of the company […] A sale has been completed for the Dereham site and offers are invited on the remaining sites at Norwich and Great Yarmouth.”

Hollywood Cinema’s director, Trevor Wicks, noted a number of factors which contributed to the eventual administration of the cinema chain, including: “a very poor 2018 with the ‘Beast from the East’ in winter, the World Cup and the long, hot summer, plus high levels of competition in the local area and a number of poor-performing films in recent months.”

However, Wicks also said: “It is with a very heavy heart that I have had to place the company into administration. I would like to thank the millions of loyal customers that we have had over the last 30 years and, most importantly, the wonderful staff, both past and present.”

The Norwich branch was renowned for previously hosting the international premier of the 2013 film Alpha Papa, featuring Alan Partridge.

Potential buyers are invited to express their interest immediately, with the option of purchasing the Great Yarmouth or Norwich cinemas to operate under new ownership.

Click here to view the Hollywood Cinemas Limited listing for full details.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Hair Salon
Brierley Hill, West Midlands, UK

Extremely prime location. Unisex hair and beauty services. Refurbished to an impeccable standard. Large contemporary premises. Excellent reputation. Huge scope for growth. Offers invited.

Asking Price: £300,000
Turnover: £680,393

LEASEHOLD


Smoothie Bar
Lancashire, UK Wide

The smoothie bar is on-trend with its range of healthy and vegan-friendly refreshments. The business is now for sale on a leasehold basis. ‘British Smoothie Championships’ winner 2014. Busy location. Ample parking. Vegan-friendly. Good transport link...

Asking Price: £70,000
Turnover: £485,364

LEASEHOLD


Adult Leisure Centre
North of England, UK Wide

Fully-refurbished premises. Minimal competition. High annual turnover. Prime location. Excellent reputation. A new owner would be able to take advantage of the business’s state-of-the-art facilities as well as its brilliant reputation to continue tra...

Asking Price: £550,000
Turnover: £368,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
13
 
Sep
 

AFH Financial Group acquires two firms for £7.2 million | BUSINESS SALE

AFH Financial Group, a listed wealth management firm headqua...

 
12
 
Sep
 

Lucid Group completes acquisition of North West-based healthcare consultancy | BUSINESS SALE

Healthcare communication specialists, Lucid Group, has succe...

 
11
 
Sep
 

Controversial green energy firm goes bust and forced to appoint administrators | ADMINISTRATION

A small energy supplier providing green energy to 29,000 hou...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources