Everyman Media Group chief executive steps down amid financial challenges
The chief executive of Everyman Media Group, Alex Scrimgeour, has stepped down after nearly five years, with non-executive director Farah Golant taking over on an interim basis, reports BritPanorama.
Scrimgeour’s departure comes as the London-headquartered cinema chain faces mounting financial pressures. The company, known for its premium cinema experience, reported weaker-than-expected box office performance in the fourth quarter and issued a profit alert as shares hit record lows.
Everyman’s interim leadership transition has been framed as a move to maintain operational stability during a challenging period. Golant will lead the firm with the backing of the management team and board until a permanent chief executive is appointed.
Chairman Philip Jacobson expressed gratitude for Scrimgeour’s commitment and role in steering Everyman through a recovery from the impact of COVID-19, which included more than doubling revenue and achieving significant EBITDA growth. However, the firm now anticipates sales of at least £114.5 million for the year ending January 1, alongside underlying earnings of at least £16.8 million, a downgrade from previous forecasts.
In July, the company reported a 21% increase in first-half revenues to £56.5 million, driven by a 15% rise in admissions to 2.2 million. Scrimgeour attributed this performance to Everyman’s distinctive brand of “high-quality, experience-led cinema.” Yet, the festive period’s financial results exacerbated concerns over consumer spending.
The situation at Everyman highlights broader trends in the cinema industry as operators navigate post-pandemic recovery challenges and shifting consumer behaviours.
This leadership change reflects the ongoing volatility in the cinema sector, particularly as audiences recalibrate their expectations and spending habits in the wake of recent economic pressures. The decision underscores the importance of strategic adaptability in an evolving marketplace.
