Wolverhampton councillors voice concerns for long-term future of Cineworld
Cinema-goers in Wolverhampton breathed a sigh of relief this week after entertainment giant Cineworld revealed that none of its UK venues would be affected by plans to file for bankruptcy.
However, many film fans are worried the move, which will only affect cinemas in the US at present, could have a knock-on effect and potentially hit the city’s 14-screen multiplex at Bentley Bridge in Wednesfield – widely regarded as the cornerstone of the busy retail and leisure park.
Cineworld, which has 128 cinemas in the UK and Ireland and employs 4,600 people, is currently struggling with $5 billion of debt in the US – due largely to being forced to close during the Covid-19 pandemic.
The city’s three Wednesfield South councillors this week voiced their concerns for the company’s long-term future.
The Wolverhampton venue has already undergone a multi-million pound refurbishment, introducing 4DX, ScreenX, Superscreen auditoriums and an on-site Starbucks.
Councillor Greg Brackenridge said: “It is always concerning when a multi-national company employing many thousands of people runs into financial difficulties that result in its closure.
“Many businesses are feeling the strain due to the current economic climate. Individuals and business owners need the government to act now to reduce inflation and manage the cost of living crisis. The UK economy is in free fall.
“A lack of government action now is further damaging the economy and leaving people and businesses on the brink. If they do not act now, I predict that we are all going to be in for years of financial difficulties leading to recession.
“The increasing casework local councillors are witnessing demonstrates the impossible challenges many people and businesses are facing with their finances,” he added.
“Here in Wednesfield we have always enjoyed the wonderful leisure facilities in the area including at Bentley Bridge. The closure of Cineworld would be a real loss to Wednesfield and the wider community.
“If it were to happen, I will do all I can to support the local individuals affected and work with the site management and the city council to ensure we can attract another business to this thriving business location.”
Councillor Bhupinder Gakhal said: “It would be a travesty if we lost our beautiful Cineworld. Bentley Bridge is wonderful retail and food park which attracts hundreds of residents from across the city.
“Our very own Cineworld stands tall amongst this retail park and to lose this would be absolutely devastating. Residents from far and wide come to our Cineworld which shows all the latest films.
“To lose this would be devastating not only to Wednesfield or our city but also the many who are employed by Cineworld as well,” he added.
Councillor Andy Randle said: “Cineworld is the main attraction at Bentley Bridge amongst a good offering there and I was pleased to see its refurbishment.
“It is a great cinema that draws people in from all over the city. I cannot imagine a scenario where it is no longer viable and I am sure it will continue to be successful as a cinema.
“Hopefully the recent financial issues can be resolved and I wish the business every success moving forward.”
The company has not commented on whether it is also considering filing for bankruptcy in the UK.
