LONDON — Farah Golant was appointed interim chief executive of Everyman on December 31, the same day Alex Scrimgeour resigned with immediate effect. Golant immediately froze the company’s expansion plans to address its £21.6 million debt.

Her appointment followed a profit warning issued by Everyman in early December, which prompted investors to reduce the company’s market value by nearly 20%. Days after the warning, the company’s finance director also departed. Everyman, which operates 49 cinema sites nationwide, has not recorded a pre-tax profit since 2019 and has accumulated more than £56 million in pre-tax losses over the past six years.

Golant, who joined the Everyman board in September and previously ran All3Media and an advertising company known for the Guinness Surfer commercial, said in April that the coming year would be about “resetting to drive growth.” She added: “The market appetite for premium cinema is growing. By putting audiences and their experience at the heart of our growth strategy, we can think differently about how we programme, maximise our membership value, design for families and gen Z, optimise our vibrant venues as third spaces and cultivate relationships with distributors and brand partners.”

Everyman’s share price has declined by nearly 80% over the past five years, leaving its current market value at approximately £32 million—similar to its valuation at its 2013 London Stock Exchange listing. The company has also recorded more than £6 million in impairment charges over the last three years due to underperforming venues. Its most recent cinema opened at The Whiteley in west London in August 2023.

David Hancock, chief analyst for media and entertainment at Omdia, said: “Somewhere along the way Everyman lost its edge. I don’t think it is just about the challenges faced by all the players in the market. Everyman set the bar in the premium market and they became the one that everyone else was shooting at. Big rivals like Odeon and Vue have launched concepts based in premium. There is more competition than ever before.”

Despite industry-wide challenges—including UK cinema admissions falling to 123.5 million last year, 30% below pre-pandemic levels—Everyman’s membership scheme grew by 18.5% last year to 67,000 members. Andrew Renton, research director at Cavendish, said: “It is like a Waitrose. People have an affection for one being in their town or village, especially with the high street under pressure. It is still cool and people still enjoy that luxury experience, that special treat. This year is a litmus test of that.”

Blue Coast, owned by the Lewis family founders of River Island, is Everyman’s largest shareholder and has increased its stake from about 20% to over 29% since late 2023. The foundational families collectively control more than 50% of the company, with investment firm Gresham House holding a 9.54% stake.