Chief financial officer to step down from cinema chain Everyman

Cinema chain Everyman Media said that it will part ways with its chief financial officer of two years.

Elizabeth Lake has told the company she plans to step down from the role. The firm will now start looking for a replacement, while Lake works her six-month notice period.

Lake has previously spent time with fashion house Hugo Boss and retail giant Marks & Spencer. Her last role before she joined Everyman in September 2019 was as chief financial officer at Science in Sport.

Everyman is the fourth largest cinema business in the UK by number of venues.

Everyman is the fourth largest cinema business in the UK by number of venues. It has a venue in Glasgow and plans to open in Edinburgh's St James Quarter. Picture: Edward Dracott/PA Wire

In a trading update in November, the group said admissions had been ahead of expectations since publishing its interim results in September.

Therefore, group revenues and earnings before interest, taxes, depreciation and amortisation (Ebitda), for the financial year ending December 30, 2021 would exceed current market expectations.

The firm told investors: “On the basis of no further Covid-19 restrictions in 2021, the group expects to report turnover of not less than £46.3 million and Ebitda of not less than £7m.

“Looking beyond the current financial year, early indications suggest the appetite for cinema remains strong and we are optimistic for the outlook of the sector.”

Everyman talks about “redefining cinema”, focusing on venue and experience as “key competitive strengths”. It also places an emphasis on a “strong quality food and drink menu prepared in-house”.

The cinema chain - set to open at Edinburgh’s St James Quarter - promises its patrons a “broad range of well-curated programming content”, from mainstream and independent films to theatre and live concert streams.

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