In a surprising move, the top executives of the British cinema chain Everyman have stepped down less than three weeks after the company warned of weaker-than-expected trading. Everyman Media Group announced on Monday that Chief Executive Alex Scrimgeour is leaving with immediate effect and will be replaced on an interim basis by non-executive director Farah Golant.
Scrimgeour’s sudden departure comes after the firm issued a trading update on 10 December, where it slashed its forecasts for revenue and earnings, sending its shares down 20%. The cinema chain, known for its luxury seating and food menu, operates 49 venues across the UK.
Scrimgeour took the helm of Everyman Media Group in January 2021 after leading the French restaurant chain Cote Brasserie since 2015. In its recent trading update, the company said that trading at the end of the year had been “weaker than anticipated”. As a result, it expects revenues of £114.5m for 2025 and underlying earnings of at least £16.8m, down from previous forecasts of £121.5m and £19.9m respectively.
Everyman’s Chairman, Philip Jacobson, praised Scrimgeour for “playing a pivotal role in the team that successfully led the business through its recovery from Covid, more than doubling revenue”. However, Dan Coatsworth, head of markets at AJ Bell, noted that the outgoing boss had to “deal with a succession of crises from day one”, including the cost-of-living crisis and the pandemic.
Coatsworth added that the share price fell by 76% during Scrimgeour’s tenure, and “time had run out”. While the cinema industry did manage to regain some of its sparkle post-pandemic, Everyman lost its edge in the market, as rivals such as Vue and Odeon have also installed reclining seats and bars in their cinemas, eroding Everyman’s “unique proposition”.
It remains to be seen whether Blue Coast Private Equity, which owns a 29% stake in Everyman, will opt to buy the chain and take it private to enact a turnaround programme, away from the public spotlight.