LONDON (Alliance News) - Cinema operator Everyman Media Group PLC on Wednesday said it has signed a sale and leaseback agreement for its proposed development site in Harrogate in North Yorkshire and expects to open a cinema there in the second half of this year.
Everyman exchanged on a 999-year lease for the site in August 2014, spending GBP3.2 million, and expects that contract to complete by the end of April this year.
Upon completion, Everyman will sell the long-term lease to Six Guys LLP for GBP3.3 million, which will then lease the property back to Everyman for GBP234,000 per year.
Six Guys is controlled by Adam Kaye and Paul Wise, both of whom are directors at the company and each owning 7% to 8% stakes in Everyman.
Everyman shares were down 1.6% to 92.03 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Everyman Media (EMAN)