Everyman cinema chain boss leaves weeks after revenue warning | EUROtoday

The boss of cinema chain Everyman has stepped down lower than three weeks after the corporate warned buying and selling had been weaker than anticipated.

Everyman Media Group stated on Monday that Alex Scrimgeour was leaving with quick impact and would get replaced on an interim foundation by non-executive director Farah Golant.

His sudden departure comes after the agency issued a buying and selling replace on 10 December the place it reduce its forecasts for income and earnings, sending its shares down 20%.

The cinema chain runs 49 venues throughout the UK and is thought for its luxurious seating and connoisseur menus.

Mr Scrimgeour turned chief govt of Everyman Media Group in January 2021 after heading French restaurant chain Cote Brasserie since 2015.

In its buying and selling replace earlier this month, the agency stated buying and selling on the finish of the yr had been “weaker than anticipated”. As a consequence, it anticipated revenues of £114.5m for 2025 and underlying earnings of at the least £16.8m, down from earlier forecasts of £121.5m and £19.9m respectively.

Chairman Philip Jacobson stated Mr Scrimgeour had “played a pivotal role in the team that successfully led the business through its recovery from Covid, more than doubling revenue”.

Dan Coatsworth, head of markets at AJ Bell, stated the outgoing boss needed to “deal with a succession of crises from day one” together with the cost-of-living, in addition to the the pandemic.

However, he added: “The share price fell by 76% during his tenure and time had run out.

“While the cinema business did handle to regain a few of its sparkle post-pandemic, Everyman misplaced its edge out there.”

Mr Coatsworth said the upmarket chain had once offered “a novel proposition”, but had since been copied by rivals, including Vue and Odeon, which have installed reclining seats and “additionally rolled out bars inside their cinemas”.

He added that it would be interesting to see if Blue Coast Private Equity, which owns a 29% stake in Everyman, would buy the chain, “opting to take away it from the general public highlight to enact a turnaround programme”.