24 May 2010 07:00
24 May 2010
Cineworld Group plc to partner with Quintain Estates and Development plc
to build new cinema at Wembley City
Cineworld Group PLC ("Cineworld"), the UK's only quoted cinema chain, and Quintain Estates and Development plc ("Quintain") announce that they have signed an agreement for a new multi-screen cinema at Wembley City.
Cineworld has signed a 25 year lease at the Wembley City retail and leisure hub for a new nine screen cinema which will seat 1800 people in total and is scheduled to open in 2013. It will be located adjacent to Wembley Stadium and Wembley Arena, forming a central part of the 280,000 sq ft leisure and retail hub, which is projected to increase the current footfall of over nine million a year to approximately 20 million.
Construction is expected to commence on the site in 2011 and Quintain is already in discussions with a number of restaurant operators for the adjacent space.
Nick Shattock, Deputy Chief Executive of Quintain, said:
"This agreement with Cineworld is another significant step forward in delivering our core retail and leisure offer at Wembley City and comes directly after the signing of Barclaycard as title sponsor of Wembley Arena. Located next to the Arena, the new cinema and all its surrounding restaurants and shops will become a major new destination for visitors and local residents."
Steve Wiener, Chief Executive Officer of Cineworld, said:
"We are delighted to have been chosen by Quintain to be the cinema operator for Wembley City. Wembley is a vibrant development and the Cineworld cinema will be the first in the area for thirty years. We look forward to working with Quintain in building the cinema and offering our customers the very finest in cinema entertainment."
-Ends-
| Cineworld Steve Wiener, CEO Tel: +44 (0)20 8987 5000
| Quintain Estates and Development Nick Shattock / Cressida Curtis Tel: +44 (0)20 7495 8968
|
| M:Communications (for Cineworld) Georgina Briscoe Tel: +44 (0)20 7920 2348 | Financial Dynamics (for Quintain Estates and Development plc) Stephanie Highett/Dido Laurimore/Laurence Jones Tel: +44 (0)20 7831 3113
|
Notes to editors:
Cineworld Group plc
Cineworld is one of the leading cinema groups in the UK and Ireland. It was founded in 1995 by Steve Wiener, the current Chief Executive, and today operates 77 cinemas with 790 screens of which in excess of 30% of screens are digital with 3D capability. It is the market leader in showcasing alternative content (Bollywood, 3D, live opera etc.) and is at the forefront of developing new business. This includes the development of the screen advertising business through Digital Cinema Media, its partnership with Tesco in the clubcard programme and the operation of Unlimited, the only cinema subscription service in the UK. Cineworld has been listed on the London Stock Exchange since May 2007. More information can be found at www.cineworldplc.com
Quintain Estates and Development plc
Quintain Estates and Development plc is a property investment and development company, listed on the London Stock Exchange. Quintain operates through two businesses: Fund Management; and Urban Regeneration, which consists of the company's larger and typically complex assets such as Wembley City. www.quintain.co.uk