Cheltenham's Tivoli Cinema is going up for sale, with CBRE appointed to sell Empire Group's portfolio of UK cinemas.
Empire Cinemas went into administration in July 2023 and the global real estate advisor is now seeking buyers for eight cinemas, including the two luxury Tivoli Cinema venues in Cheltenham and Bath, as well as five multiplexes and a classic standalone cinema.
The operational cinemas are being sold as a Transfer of Going Concerns, with the portfolio being offered in its entirety, as individual sites, or a combination of sites, with a variety of tenures including freeholds, long leaseholds and occupational leaseholds.
Cheltenham's 362-seat Tivoli Cinema, which is located within Regent Arcade, is being offered on a leasehold basis.
Alongside the cinemas, the Leicester Square head office is also being offered as part of the sale on a peppercorn (token or nominal) rent for the next three years.
Toby Hall, senior director, operational real estate at CBRE, said: 'This is a rare opportunity to acquire profitable, operating cinemas in a market with renowned high barriers to entry.
'The sale can either act as a platform for parties to enter the sector or allow existing operators to complement their current estate by acquiring individual or multiple cinemas. We have received significant interest from a wide pool of prospective buyers as they look to capitalise on a recovering industry.'
Prices have not been disclosed for any of the eight locations, with CBRE's website stating: 'Interested parties will be given the opportunity to enter the acquisition process of one or more of the assets through a structured disposal process.'
