JDC tight-lipped on how much Cineworld debt waived

Wednesday 26 July 2023

The public-owned Jersey Development Company is remaining tight-lipped about the amount of debt it waived to help Cineworld continue operating its multiplex operation on the Waterfront until at least 2027.

Cineworld last year appealed against an order to pay £1 million in unpaid rent and insurance costs incurred while the venue was shut during the pandemic.

However, the JDC last week announced that Cineworld's overall lease has been extended to a new expiry date of June 2032 and that it had waived some of the cinema's rent arrears debt.

The changes have secured Cineworld's multiplex operation on the site until at least 2027, although it is not yet clear how the agreement could be affected if the JDC gains planning permission for its major scheme to transform the area.

Revenues from the local cinema were marginal in the wake of the pandemic, with usage reducing from 280,000 visits in 2019 to just 180,000 visits in 2022.

Express asked the JDC to clarify how much of the rent arrears debt was waived, but was told by a spokesperson that the States-owned entity would not be commenting on the specifics of the arrangement.

Pictured: Jersey Development Company Chief Executive Lee Henry.

When it announced the changes to lease arrangement, the JDC urged islanders to use the cinema or risk losing it.

If occupancy drops below a rolling three-year annual average of 180,000 visits after 2027, Cineworld is able to exit the new arrangement subject to a six-month notice period.