Connect with us

Published

on

The owners of Cineworld are leaning towards putting its British operations through a formal restructuring process after holding initial talks about a sale with prospective buyers.

Sky News has learnt that the cinema chain and its advisers at AlixPartners have begun formally exploring a company voluntary arrangement (CVA) – a mechanism widely used by retailers and restaurant chains during the COVID pandemic to close stores and slash rents.

The details of a potential Cineworld CVA are still to be determined, with no visibility yet about any site closures or rent negotiations with landlords.

However, one insider said that an insolvency mechanism such as a CVA was now far more likely than an outright sale of the business.

Money latest:
How to stop your car being stolen – or even ‘cannibalised’

Sky News revealed earlier this month that Cineworld had drafted in AlixPartners to consider a sale.

The company trades from more than 100 sites in Britain, including at the Picturehouse chain, and employs thousands of people, although its public relations adviser refused to confirm either figure.

In a statement issued to Sky News earlier in the month, it said: “Like many businesses, we are continually reviewing our UK operations.”

Cineworld grew under the leadership of the Greidinger family into a global giant of the industry, acquiring chains including Regal in the US in 2018 and the British company of the same name four years earlier.

Its multibillion dollar debt mountain led it into crisis, though, and forced the company into Chapter 11 bankruptcy protection in 2022.

It delisted from the London Stock Exchange last August, having seen its share price collapse amid fears for its survival.

Under the deal struck last year, several billions dollars of debt were exchanged for shares, with a significant sum of new money injected into the company by a group of hedge funds and other investors.

Cineworld also operates in central and Eastern Europe, Israel and the US.

Since it emerged from bankruptcy protection, Cineworld has appointed a new leadership team, installing Eduardo Acuna, who ran Mexican cinema chain Cinepolis’s operations in the Americas, as its chief executive.

Read more from Sky News:
Four major banks hit by glitches
Exit from recession was stronger than first thought
Port Talbot blast furnaces set to be shut down early due to strikes

Eric Foss, a former Pepsi executive, was parachuted in as Cineworld’s chairman.

One property industry source previously told Sky News that an attempt by Cineworld to pursue a CVA or other restructuring which compromised landlords was likely to be met with fierce resistance.

Major summer film releases in Britain include Despicable Me 4, A Quiet Place: Part One, and Alien: Romulus.

Continue Reading

Business

Man banned from every Boots store

Published

on

By

Man banned from every Boots store

A shoplifter has been jailed and banned from every Boots store after stealing £107,000 worth of goods from the high street chain.

Liam Hutchinson, 32, of no fixed address, was sentenced to a year in prison at Westminster Magistrates’ Court on Wednesday.

He was also issued with a criminal behaviour order, banning him from every Boots store in the UK for 10 years – and the London borough of Kensington and Chelsea for five years.

Metropolitan Police detectives trawled through hours of CCTV footage to find that Hutchinson had committed 99 shoplifting offences at Boots stores in the borough between May and August 2025.

Hutchinson stealing from shelves in Boots on CCTV. Pic: Met Police
Image:
Hutchinson stealing from shelves in Boots on CCTV. Pic: Met Police

Often stealing large quantities of razors and electrical items, his crimes cost the retailer £107,000 in revenue, Sergeant Jack Vine, of the Met’s volume crime team said.

“We recognised the impact Hutchinson’s actions were having on the retailer, and through working with staff, we built a strong case of evidence against him, which has been reflected in his sentencing,” he added.

“This result should act as a warning that this type of behaviour will not be tolerated, and that we will come down hard on those who show a complete disregard for the law, terrorise retail workers and cost businesses thousands of pounds.”

Liam Hutchinson being caught by officers in bodycam footage. Pic: Met Police
Image:
Liam Hutchinson being caught by officers in bodycam footage. Pic: Met Police

Read more from Sky News
Remains found in ‘no body’ case
Fire at airport causes delays
London mayor says Donald Trump is Islamophobic

Nicky Harrop, head of security, fraud, and contract management at Boots, said the company have been investing “significantly” in anti-theft measures to make sure stores “remain a safe and respectful environment” for customers and staff.

The Met says it is prioritising shoplifting, having solved 163% more cases in London compared to the same time last year.

It is also dedicating up to 80 additional officers across London’s West End, with 90 more in high-risk theft areas.

Continue Reading

Business

Sky News coverage to be featured on MSNBC as part of commercial agreement

Published

on

By

Sky News coverage to be featured on MSNBC as part of commercial agreement

Sky News has reached a multi-year deal with one of the most influential US news networks, which will see it pay for use of its cross-platform coverage. 

The channel’s live broadcasts, TV packages and online journalism are to be used by MSNBC as part of a commercial agreement, the details of which were not disclosed.

Money latest: Bank launches sub-4% mortgage in ‘turning point’ for borrowers

All Sky News’ British and foreign TV coverage is included in the agreement, which will begin on 1 October, further bringing the reporting to a US audience.

MSNBC will have no role in the commissioning of Sky coverage, and no MSNBC programming will be taken by Sky News, as part of the arrangement.

MSNBC is building up its operations ahead of its planned spin-off from NBC News and parent company Comcast.

The new, separated entity will be named Versant and be a public company with shares traded on a stock exchange.

More from Money

Comcast is also the parent company of Sky News. Sky’s relationship with its sister news organisation NBC will be unaffected by the deal.

More than 500 journalists work for Sky News from 11 bureaus, including Moscow, Beijing, Jerusalem, and Johannesburg.

MSNBC is a major cable news network, watched by an average of 1.2 million viewers a day, so far this year, with its average viewer watching for more than eight hours a week.

Its YouTube and TikTok channels have more than 6.2 billion views combined so far this year.

“In this moment of consequential and historic news events happening around the world that are rapidly reshaping our collective future, we are honoured to bring Sky News’ premium, on-the-ground reporting and roster of top journalists to the MSNBC community,” said MSNBC president Rebecca Kutler.

Continue Reading

Business

Man arrested in connection with airports cyber attack

Published

on

By

Man arrested in connection with airports cyber attack

A man has been arrested in the UK by the National Crime Agency (NCA) as part of an investigation into a cyber incident which caused chaos at European airports.

Flights were cancelled at Brussels Airport, and several more were delayed at Heathrow, Berlin, and Dublin, among others, leaving passengers stranded.

The incident, which was reported on 19 September, hit the systems of Collins Aerospace, which operates check-in and boarding systems.

Passengers reported being unable to check in online, queuing for hours, and their flights eventually not taking off.

Read more from Sky News
How a tractor, lifeboat and ambulance crew saved my life
Donald Trump is ‘racist, sexist and islamaphobic’

NCA officers, supported by the South East Regional Organised Crime Unit, arrested a man in his 40s in West Sussex on Tuesday evening on suspicion of Computer Misuse Act offences. He has been released on conditional bail.

Collins Aerospace, whose network was affected, runs systems for several airlines at multiple airports across the world. Pic: PA
Image:
Collins Aerospace, whose network was affected, runs systems for several airlines at multiple airports across the world. Pic: PA

Deputy director Paul Foster, head of the NCA’s National Cyber Crime Unit, said: “Although this arrest is a positive step, the investigation into this incident is in its early stages and remains ongoing.

More on Cyberattacks

“Cybercrime is a persistent global threat that continues to cause significant disruption to the UK.

“Alongside our partners here and overseas, the NCA is committed to reducing that threat in order to protect the British public.”

Continue Reading

Trending