Everyman boss steps down after turbulent year for cinema chain
The boss of upmarket cinema chain Everyman has stepped down just weeks after warning sales and profits would miss forecasts. Everyman Media Group announced Alex Scrimgeour will be replaced on an interim basis by non-executive director Farah Golant, pending the appointment of a permanent chief executive.Scrimgeour joined Everyman from Cote Brasserie in January 2021 and had overseen a difficult period for the chain following the pandemic.Everyman chairman Philip Jacobson said: 'We would like to thank Alex for his commitment to Everyman throughout his tenure.'He has played a pivotal role in the team that successfully led the business through its recovery from Covid, more than doubling revenue and delivering significant Ebitda growth.' Dwindling interest: Cinema industry had pinned hopes on Wicked franchise but revenue fell in November He added: 'Farah has extensive experience across the global creative, entertainment, and media industries, and a track record of accelerating growth and cultivating high-performance, results-oriented organisations.'Shares in Everyman Media Group have crashed 50 per cent year-to-date, and the stock is down more than 90 per cent since its peak in 2018.Much of the collapse came after a disastrous trading update earlier this month, which revealed that sales and profits would come in below City forecasts after 'weaker than anticipated' box office takings.Dan Coatsworth, head of markets at AJ Bell, said: 'While the cinema industry did manage to regain some of its sparkle post-pandemic, Everyman lost its edge in the market.'Once a unique proposition, offering posh seats and fancy food to lure in the punters, Everyman's rivals have since copied many of its winning elements and left it for dust. 'The leading chains Vue and Odeon have installed reclining seats, bringing comfort to the mass market, while they also rolled out bars inside their cinemas.'Scrimgeour declared Everyman to be a "truly differentiated proposition" when he was appointed five years ago. Fast forward to the present day, and that differentiation has gone up in smoke.'The industry is struggling with dwindling interest, with figures showing that UK box office revenue was down 9 per cent year-on-year in October and 33 per cent in November despite the release of Wicked: For Good.Everyman also blamed a 'challenging economic environment' with rising unemployment, higher taxes and rising living costs hitting consumer spending.The company expected improved revenue of 'no less than £114.5million' and profits of at least £16.8million in the year to January 1. While an increase on the previous year, Everyman had previously said it was on track for £121.6million in revenue and £20million in profits.Coatsworth added: 'It's fair to say that 2025 wasn't a golden year for new film releases, making matters worse for Everyman. 'Its recent profit warning was blamed on a weak fourth quarter film state, and the release schedule for the next few months doesn't instil much optimism.'Everyman has now lost both its chief executive and its finance director over the past fortnight; the latter having resigned on 15 December. That's unfortunate timing and means the pressure is on to find a new leadership team fast.'AJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you
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Everyman boss steps down after turbulent year for cinema chain
