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Everyman Media secures new £30mln loan to help further expansion plans, says trading continues to be in line

The trendy cinemas group said that it continues to source "exciting opportunities" for future investment, and it is confident of being able to grow its existing pipeline
Everyman cinema
Everyman concluded: “The directors maintain a positive outlook for the cinema industry and for the company in 2019”

Everyman Media Group PLC (LON:EMAN) saw its shares rise modestly on Thursday after the cinema group announced a new £30mln loan to help further expansion plans as it revealed that trading continues to be in line with market expectations.

In an update for the 53 weeks to 3 January 2019, the AIM-listed firm said it has agreed a new, five-year loan facility with Barclays Bank and Santander which replaces the previous £20mln facility signed back in March 2017 with Barclays.

READ: Trendy cinema chain Everyman reports surge in first-half ticket sales

Everyman Media also said that it continues to source "exciting opportunities" for future investment, and it is confident of being able to grow its existing pipeline beyond the new sites that are expected to go live next year.

The company currently operates 26 venues, with four new venues opened in the final quarter of the financial year in Altrincham, Crystal Palace, Glasgow and Liverpool.

Together with York, which was opened in the first half of the year, this brings the total number of venues opened in 2018 to five, the group said.

It added that, since its interim results in September, lease agreements have been signed for four venues in Manchester, Clitheroe, Northallerton and Plymouth.

Including these, the group said, it now has commitments in place to open a further 14 venues by 2022, with seven openings expected in 2019, consisting of Horsham, Newcastle, Clitheroe, Manchester, London Broadgate, Cardiff, and Wokingham.

Everyman Media concluded: “The directors maintain a positive outlook for the cinema industry and for the company in 2019.”

In late afternoon trading, shares in Everyman Media were 0.5% higher at 205p.

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