Regent Street Cinema Project - The Advanced Proposal

Transcript

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   OPERATING IN HARMONY AS A CONSTRUCTIVE LEARNING FACILITY
   AND INDEPENDENT CINEMA FULLY UTILISED 365 DAYS IN THE YEAR
   This project, unlike previous and other attempts, will not be:
    All things to all people
    A glorified University Film Club
    Dependant on University finances or further marketing spend
    A hindrance to timetabled lecturing
   The output as a result of producing the cinema in this manner will be a:
    Much needed refurbishment of the seating, ventilation and foyer
    High quality lecture facility; seats with tablets and unrestricted views
    Fully commercial cinema operation, open 365 days in the year
    High quality Bar/Café operation
    A comprehensive schedule of events catering to students and industry
   The core cinema business model does not usually allow for a single screen
   cinema to be profitable. For this reason, raising finance from industry would
   usually be impossible. However this plan, being a unique balance between a
   teaching facility and a fully operational, commercial cinema, meets the
   University‟s needs in turning a modest surplus in even harsh trading conditions.
   We began, as a group with the intention to produce this cinema, with internal
   support in principle from The Westminster Film School, the Director of Finance
   and Dean of MAD, as well as the previous Vice-Chancellor and the Provost of the
   Regent Campus and Chair of the Board of Governors, who all kindly provided
   advice, encouragement and signposting.
   The cinema project was initiated by the urgent need for Film and MAD Students
   to get „real‟ exhibition opportunities in central London. This cinema will, without
   changing the current cinematic model, provide student and young
   filmmakers with regular exhibition every day of the year.
   The exposure that these students and the University would receive as a result,
   would be something they never afford or dream of. The effects of this sort of
   platform can be seen in Graduate Fashion Week, which we fully intend on
   replicating for Film and Visual Media, from the Regent Street Cinema.
   Beyond impacting on students, the site is situated opposite the UK Film
   Council, and is around the corner from the major west end production and
   post houses, filling a gap in the screening and conferencing room market.
   The space is currently used between 1-4 hours a day for 26 weeks of the year.
   This project will increase the efficiency of the space by an unrivalled factor.
   

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   TABLE OF CONTENTS
   Executive Summary 2
   Outline 4
   Background 5
   Historical Significance 6
   Compton Organ 6
   Advantages to the University 7
   Capital Works/Fit Out Scheme 8
   Operational Plan
   Target Audiences 11
   Financials 12
   Summary 14
   Partners 15
   Next Steps 16
   Project Summary 17
   Letters of Recommendation 18
   

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   TO PROVIDE BRITISH FILMMAKERS, PROFESSIONAL AND STUDENT,
   WITH A HUB FOR EXHIBITION, ENTERTAINMENT AND NETWORKING
   At it‟s core the Regent St. Cinema Project aims to do the following for the
   University, the local community and the London Film Industry:
    Establish a unique cinematic venue at the location which birthed
   British Cinema.
   The history of the site is undeniable and validates this project as the most viable
   use of this historic space. To highlight this importance of the site, the cinema
   would be supported by a full schedule of festivals and regular events.
    Pioneering film and cinema technology in partnership with the
   University of Westminster Film School, and other organisations and
   educational establishments.
   The Cinema space has always been the hub for technological developments in
   both the projected and moving image. We aim with this project, to restore the
   position that the site once held in the forefront of the visual arts and technological
   advancement. We aim to do this in partnership with the University‟s Film, Media
   and Science departments, and external industry partners in the relevant fields.
    Provide student and experimental filmmakers with a hub for exhibition,
   networking and innovation.
   Screening facilities in London and the UK in general for young, experimental and
   independent filmmakers are seen to be lacking, the Cinema will be marketed as
   an Independent alternative to the multi-screen cacophony of the British exhibition
   industry.
    Brought together various stakeholders to enable the rescue of this
   historic venue for the benefit of future students, and especially
   student filmmakers
    Produced a costed plan that enables a fully functioning single-screen
   cinema to be refurbished and operated outside of University time-
   tabled lecturing
   To arrive at this point, we have involved and consulted the UK Film Council, Film
   London, London-based independent exhibitors and cinema owners, many
   independent Film Distributors in the UK and around Europe, but most importantly
   staff from within the University, to ascertain the best application for this historic
   space.
   

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   BACKGROUND
   There are approximately 40 screens servicing London‟s West End. The majority
   of these are in multiplexes. The remaining screens are programmed by either
   City Screen or the odd exception such as the Prince Charles Cinema which
   screens a select number of independent films. However these screens have not
   satisfied demand in recent times and their numbers are decreasing due to
   property development. All the distributors confirm that there is a desperate
   need for more screens in Central London which has reduced the screen life
   for many films.
   Demand for more screens is high from both Cinema goers and film distributors;
   there is certainly an opportunity for this screen to be more than successful.
   Digital film exhibition has reached a stage meaning a single screen cinema can
   be commercially viable and more importantly in the case of the Regent Street
   Cinema is desirable as the majority of new filmmakers work in this medium, and
   with less expense we can accommodate the widest range of cinematic
   programming.
   Beyond regular programming, the site can offer a high quality screening and
   conferencing theatre for the creative industries situated in close proximity. The
   West end and Soho areas of London are the centre of the media world in terms
   of post production, effects and commercial design. Ironic really, as the cinema
   helped birth these particular industries.
   The Upper Regent St. location is one of the cinema‟s strongest assets with an
   estimated 6000 students on site with little else to do but study, a new social and
   entertainment venue will keep them on campus for longer. Then there is the
   tourist pull of Oxford Circus which means regular footfall to what will be a more
   reasonably priced, quality, cinematic venue.
   Student Filmmakers have limited exhibition opportunities, yet have to
   independently raise funds. The cinema will help raise awareness of new talent
   and ideas and bring them closer to industry – hopefully reinvigorating the
   apprenticeship ideals of the British Film Industry that are no longer in operation.
   We will do this by:
    Screening student shorts and trailers amongst the commercial trailers
    Hosting and participating in festivals and special events catering for
   young filmmakers
    Producing Graduate Film Week, in collaboration with others, in the
   mould of Graduate Fashion Week
   Previous attempts to restore the venue have overreached. The previous Head of
   Marketing, Development and Communications produced a Heritage Lottery
   Funding bid for over £4m which was rejected. The failed project attempted to be
   

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   all things to all people. This lack of focus on the end goal has been carefully
   regarded during the development of our project. We have very specifically gone
   through all the notes and forms produced by the previous projects, and consulted
   widely with film industry professionals. As a result, we have received strong
   recommendations for the viability and desirability of this project.
   HISTORICAL SIGNIFICANCE
   The cinema was the site of the Lumiére Brother‟s first demonstration of their
   Cinematographe in the UK, making it the birthplace of Cinema in the British Isles.
   Prior to this it was a global hub for projection technologies, magic lantern slides
   and ocular curiosities at what was then know as the Royal Polytechnic Institution.
   Later in its life it operated as a fully working cinema known as the Regent Street
   Polytechnic Cinema, and later as the Cameo Poly, which operated up until 1981.
   The site was also host to the world‟s first photography school and the UK‟s first
   film school, and is the spiritual home to the Magic Lantern Society and the
   Pepper‟s Ghost Illusion. The Bfi library was also originally launched at 307
   Regent Street.
   THE COMPTON ORGAN
   One of three remaining Compton Organs in London that are still in their
   original location (Recently refurbished) is prominently placed within the space.
   The 2Manual/6Rank Compton cinema organ was installed in the Regent
   Street Polytechnic's Cinema in 1936. It is playable today thanks to Peter
   Hammond of HWS Associates who repaired it after the organ fell into
   disrepair - http://www.hws.org.uk/. It is intended to play the organ to silent
   films on a regular basis – Silent Sundays.
   Pepper‟s Ghost first
   Performed here -
   1862/3
   Britain‟s first film
   school established
   here -1933
   The National Film
   Library held it‟s first
   public screening
   here, 21st Feb 1936
   Lumiere Brothers‟
   demonstrate
   Cinematographe
   Interior
   remodelled
   Last used as a
   commercial cinema
   Cameo Poly
   1896 1923 1930’s 1980 2001 2005
   1860’s 2007 2009
   Intended opening of
   the Regent Street
   Cinema
   Idea for Regent
   Street Cinema
   put together
   Engaged with
   Architects for
   for feasibility
   Refitted as the
   Polytechnic
   Theatre
   Compton Theatre Organ
   installed - 1936
   Compton Organ
   restored –
   celebrated 15th
   Feb 2006 with
   Lord Mayor
   Opening
   2008
   

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   ADVANTAGES TO THE UNIVERSITY
   The cinema would firstly raise the Public profile of the building.
   The project would refurbish an essential learning space, which would include
   desired facilities that were previously lacking for lecturing: Chilled ventilation/air
   conditioning, Sturdy tablets that fold away into seat arms.
   The potential synergies with courses would make the space hugely beneficial
   in attracting new students to MAD – Film School, Animation, Contemporary
   Media Practice and SSHL – Language Schools, as well as a new outlet for
   student‟s creative works and ideas.
   By keeping students on Campus through having a high quality social space
   such as this, will make the campus feel more like a University, where the
   students treat the site with greater reverence, as they did in the days of the
   Polytechnic.
   Future partnerships will be better facilitated through having a high profile
   public venue on Regent St. such as this.
   Higher profile lectures and events venue bringing not only esteem to the
   University but also potentially greater visitor numbers and applications.
   The re-opening of such a highly respected and historic site would create a
   regenerative impetus for Upper Regent Street, bringing greater footfall to the
   area.
   Through our scheme mentioned above where we bring Students closer to
   industry, the site can create opportunities where there were none, and positively
   affect change in the lives of the University‟s students.
   Making better use of a valuable space in its current down time makes
   economic, managerial and creative sense. If the site is unused and has the
   capacity to not only create events, but also to inform, educate, and inspire,
   outside of time tabled lecturing, then it makes sense to utilise this asset in this
   manner.
   Increasing the number of corporate clients and having more people
   passing through the University’s doors will only benefit the University, the
   project has a low buy-in – there are very few risks to the University, and having a
   cinema on this site is a very sensible way of creating exposure and attracting
   students, the public, potential investors or corporate clients.
   

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   CAPITAL WORKS/ FIT OUT SCHEME
   The following is a list of the Capital Works that would be required to turn the site
   into an operational Cinema:
    Frontage – Canopy, Interactive elements, Windows
    Box office/Foyer
    Bar/concessions area
    Seating – Floor raking
    Projection Equipment
    Sound and Lighting
    Toilet facilities
    Ventilation
    Possible extra internal decorations
   Total capital cost estimated between £1.25-1.5 m1
   Further to the summary above, the frontage will be improved with a canopy (iron
   and glass) with a statue perched atop so that those walking beneath can peer up
   through the glass to view the statue. Lighting and the windows will be better
   utilised to catch the eye and provide information to tempt passers-by through the
   doors.
   We intend on introducing interactive elements to the frontage, initially in the form
   of optical illusions such as kaleidoscopes and derivations of the Pepper‟s Ghost
   Illusion. The Royal Polytechnic and its previous incarnations were famous for
   hosting various cutting edge experiments and we feel it is fitting to bring back
   some of that magic within the frontage and hopefully within the foyer and bar
   areas.
   Within the foyer, a box office will be surrounded by walls of information;
   projecting the history of the site, the significance of various events and of course
   the current and future events that people can view and/or participate in. These
   walls may or may not be utilising digital signage. Using digital signage, we
   believe, is the future; it is easier to manage and provides for greater levels of
   content. The grey doors leading to the cinema would be removed and replaced
   with many of the old wooden doors that have been removed and kindly kept in
   storage by the Campus Services Manager, Vince Gwiazda. This would make for
   much better aesthetics. Ideally the doors would be removed entirely, but fire
   safety regulations may require doors to be in place.
   The cinema is currently entered via two doors, either side of a curved wall at the
   top of stairs leading from the foyer. This wall will be removed and reinstated
   further back into the cinema (the exact mark is in line with the support beam
   directly after the door leading into the cinema from the main campus). The
   1Specific Costs and Scheme to come with procurement of architectural feasibility
   

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   reasons for this are two-fold. The cinema and the University require a bar/cafe to
   provide concessions for the cinema and an added level of provisions for the
   students studying on campus. The second reason is those seats that are located
   in the space the bar/café area will occupy offer a restricted and poor view to the
   stage/screen and therefore are not realistically useable. Removing these
   provides for a good viewing opportunity for all that purchase tickets/attend
   lectures and also gives space to a valuable concessions area.
   The existing seating arrangement causes the campus staff a lot of grief. The flat
   floor with loose, stackable seats is very time-consuming to maintain, and also
   lacks the basic student need of a writing tablet. The seats on the upper level are
   in poor condition and are in need of replacement. The refurbishment of the
   seating comes at an ideal time for the University.
   It is planned to go into the floor on the lower level, realise the depth that is
   available below the current floor level and rake up and backwards, so that the
   sight lines are improved for all on the lower level. The upper level‟s stadium
   seating arrangement will require the staggering to be extended for better leg
   room. Considering the timber construction, this will not be difficult. Seating will be
   of a high quality, examples of which can be found in the Cambridge Picture
   House, and will be sourced from a supplier who can provide foldable writing
   tablets within a fold down recess in the right arm of each chair.
   The Projection Box will be extended to the right (looking from the back towards
   the screen), to allow for a single digital and two 35mm projectors. There is direct
   access to fresh air behind the existing projection box, which adequately provides
   for the heat dissipation requirements. The UK Film Council has already
   expressed interest in finding funds to provide a digital projector, so that the
   Regent Street Cinema can plus into the UK Film Council‟s Digitial Screen
   Network (DSN).
   Projection will be onto a new motorised screen, which we hope can be future
   proof, to allow for 3D films. Generally the screen would need to be silver and sit
   as close to the proscenium as possible (if not in front of the proscenium – as is
   the case at The Electric Cinema on Portobello Road). The current screen is only
   suitable for rear projection of a low resolution, and is therefore not useful for
   much more than PowerPoint slides.
   Sound and lighting need to be improved in terms of technology and sound
   damping features on the walls. A balance will need to be struck so that lectures
   are still sound clear. Lighting can be much improved to not only improve the
   ambience in the space, but also provide varying levels of lighting, which currently
   are only adequately programmed.
   To cater for the increased footfall, and to allow the cinema to operate
   independently of the University, the toilet facilities within 307 Regent Street
   require reinstating. Vince Gwiazda has kindly highlighted areas suitable for this,
   

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    as well as pledging the reinstatement of the Manager‟s Office for the cinema‟s
    administrative staff to operate from.
    Onsite staff recommended that a chiller unit be installed on the ventilation
    system, as students often complain that the space is unbearable due to heat in
    the Summer months. This would require a Electrical and Mechanical survey to be
    conducted, prior to any planning, however the cinema does have its own plant
    room to draw from.
    The space is currently in adequate working order, and underwent decorations
    approximately five years ago. We recommend updating the decorative scheme,
    in line with the aims of the cinema operation, however there is not too much that
    would need work.
    

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    OPERATIONAL PLAN – TARGET AUDIENCES
    The cinema itself would operate during the evenings, weekends and outside of
    term time, which coincidentally is when it would be most profitable. The
    switchover between lecturing and the cinema operation would be seemless and
    has been discussed at great length with the site's current buildings management.
    Students would constitute the core demographic of the Cinema, they are
    obviously the most local and, globally the largest cinematic audience is ages 18-
    25. The films played would cater towards this audience and would offer theme
    nights and events pertinent not only to media students but to all students.
    By offering year long passes during Freshers and Re-Freshers weeks we can sell
    bulk blocks of tickets and in turn offset other costs in the running of the Cinema.
    Local residents make up the largest audience for single screen cinemas, yes
    there is the argument that not many people live in upper Regent St. but the
    working population is very large and encompassing. We would offer discounts for
    local residents and have membership options based on the schemes already in
    place by other similar sized cinematic operations. This includes annual or lifelong
    Membership, regular special offers with local businesses for members and other
    perks.
    As a venue for Corporate hires, the cinema has the potential to operate
    between the large Leicester Square venues and small Soho screening rooms,
    which is the optimum level for most media and film related screenings. For
    events and speaking engagements, a refurbished, public space would create
    more bookings and attract more hires. The potential for investments and
    partnerships is large.
    Tourists are obviously a huge market, especially in the area surrounding Oxford
    Circus which is not served by any other cinema. The added pull of the site‟s
    historic importance will also aid in visitor numbers.
    

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    OPERATIONAL PLAN - FINANCIALS
    Financially, the University would be paying a minimal share of costs for the
    refurbishment, the body of which would be taken up by external partners who
    would effectively underwrite the ongoing cinema operation. The risks are minimal
    to the University, as per the request of Phil Harding who placed three conditions
    on the project from the outset:
    1. The operation of the cinema does not displace current and future timetabled
    lecturing
    2. Outside partners contribute some costs to the capital works
    3. Someone other than the University underwrites the cost of the ongoing cinema
    operation
    RSC
    Profit & Loss
    Income 2009* 2010 2011
    Ticket Sales 491,400 532,350 573,300
    Advertising 10,000 14,000 18,000
    Private Hires 17,550 26,550 26,550
    Season Passes & Membership 1,000 2,500 4,000
    Concessions/Bar 122,850 143,325 163,800
    Total Sales Income 642,800 718,725 785,650
    Expenditure
    Staff 200,200 206,206 212,392
    Distributor Fees 158,266 170,122 182,515
    Concessions Purchases 30,713 35,831 40,950
    IT (EPOS) 10,000 10,000 10,000
    Marketing 20,000 25,000 30,000
    Office Sundries 2,000 1,000 1,000
    Back Office (Accounts, HR, PAYE) 18,000 18,540 19,096
    Utilities 3,000 3,300 3,630
    Cleaning 18,000 18,540 19,096
    Insurance/Security/Maintenance 20,000 21,000 22,050
    Professional Services (Legal, Audit) 10,000 10,000 10,000
    Depreciation (initial fit out + IT equip) 30,000 30,000 30,000
    Tax (VAT) 95,736 107,044 117,012
    Total Expenditure 615,914 656,584 697,742
    Profit/Loss 26,886 62,141 87,908
    Amount in GBP
    *Projections calculated with the assumption of a full year‟s trading
    On the next page are the assumptions and workings for these figures:
    

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    Ticket
    Sales 3 shows a day
    Seats Occupancy Ave. Price Total pa
    300 25% £6.00 £491,400
    300 25% £6.50 £532,350
    300 25% £7.00 £573,300
    300 25% £8.00 £655,200
    300 25% £9.00 £737,100
    320 25% £6.00 £524,160
    Concessions/Bar - Based on ticket sale admissions figures
    300 seats, 25% occupancy, 3 shows, 365 days a year
    Average spend per admission Annual Spend
    £1.50 £122,850
    £1.75 £143,325
    £2.00 £163,800
    Private
    Hires average 3 hour bookings, charged per hour
    Frequency Rate - ph
    Adjustment for ticket sales
    loss Total pa
    5 £600 -£450.00 £8,550.00
    5 £750 -£450.00 £10,800.00
    5 £900 -£450.00 £13,050.00
    10 £600 -£450.00 £17,550.00
    10 £750 -£450.00 £22,050.00
    15 £600 -£450.00 £26,550.00
    15 £750 -£450.00 £33,300.00
    25 £600 -£450.00 £44,550.00
    Staff
    Manager/Marketing x2 @ 30k £60,000
    Bar x2 @ 25k £50,000
    Usher/Tech x2 @ 18k £36,000
    Usher/Tech x2 @ 18k £36,000
    Accounts Assistant x1 @ 18k £18,000
    The calculations are based on an average occupancy level of 25% of a 300 seat
    capacity, for 3 shows each day of the week. This translates into 1,575 seats filled
    per week, and 81,900 per annum. Obviously, outside of term time and on the
    weekends, there would be more than 3 shows per week.
    Comparative cinemas in London charge upwards of £8.00 per ticket, with West
    End cinemas charging a minimum of £10 per ticket. We have calculated these
    figures with the intention of keeping the prices significantly lower than levels we
    feel are extortionate. This also provides for very competitive pricing to attract
    increased occupancy.
    

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    OPERATIONAL PLAN – SUMMARY
    Financial projections have been produced to factor in higher than usual operating
    costs, and the low end of the projected revenue streams. These figures have
    been checked and approved by numerous industry professionals including
    cinema operators, the UK Film Council and the film distributors we have been in
    conversation with. Bearing in mind the pessimistic calculation of the figures, the
    operation is still projected to produce a financial surplus and therefore is likely to
    not be a liability to the University and its external partners.
    The core ideas that will facilitate that ongoing financial success of the project are
    as follows:
    The Cinema is set up as a Not-for-profit charity organisation, with all surpluses
    ploughed back into cinema/events and the maintenance of the space.
    Links with industry, are to be facilitated by regular events. E.g. Silent Sundays,
    magic lantern shows, Film and new media festivals, as well as technological
    seminars and demonstrations.
    Bringing students closer to industry and providing them with much needed
    exhibition. Our plan to have student short films, animations and trailers alongside
    commercial trailers as well as regular short film events will create opportunities,
    forge links and create discussion.
    The Bar/Concession area will be a social space for students during university
    hours and then a fully equipped cinema venue offering pre and post film
    concessions, drinks and discussion. There is the potential for partnership in
    daytime offering – e.g. Hummus Bros or evening unique offers – e.g. Coffee
    Menu. We aim to create a venue similar to the bar at the Curzon Soho - a fully
    equipped cinematic meeting place - to come and be creative in.
    Partnerships for commercial private rentals are another aspect to the
    Cinema‟s potential operation e.g. Hotels, local media industry.
    

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    CURRENT PARTNERS IN CONVERSATION
    Westminster Film School
    UK Film Council/Film London
    The Cinema Theatre Association
    Tony Jones (Founder – City Screen)
    Joost Hunnigher (ex UOW department head and chair of the CILECT research
    project into the future of digital cinema)
    City Screen (Largest Independent Cinema Operator)
    Peter Hammond (HWS Associates – Arts Heritage Consultancy)
    Film distributors: Pathé, New Wave & others
    OTHER POTENTIAL PARTNERS
    The Heritage Lottery Fund
    Prominent British Film Producers and Distributors
    Private equity specialising in film/cinema
    BFI
    Regent Street Organisation – Crown Estate
    Major Production and effects houses
    The Magic Lantern Society
    

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    THE NEXT STEPS
    Architectural feasibility - To demonstrate our vision to a wider range of
    investors, we need to have a costed capital works schedule
    We have engaged the leading architects in this field (3 firms have tendered)
    The cost for this will be £5,000 + VAT
    External partners and investors are paramount for this project to achieve its
    goals of connecting students with industry and operating a sustainable and
    profitable cinema.
    “It is imperative that the cinema has ties to industry, for this vision to
    be fully realised”
    We aim to have between 1 and 3 producers / directors / distributors as ongoing
    partners, already in conversation are:
    Tony Jones – one of the founders of City Screen and director of the Cambridge
    Arts Cinema and Cambridge Arts Trust. He also founded and operates the
    prestigious Cambridge Film Festival.
    Peter Urie – CEO of Metrodome, (who have already approached the University
    offering funding on the project – more information on Metrodome is attached in
    this package).
    We need to consolidate University Support. It is imperative that as many of the
    relevant internal groups and course leaders within the University embrace this
    project. Up until this point we have only come across a single individual with
    doubts, and even then, they were not about our plans for the Cinema, they were
    about our personal demeanours. She had to admit our project aims for the
    Cinema were sound.
    

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    PROJECT SUMMARY
    Birthplace of British Cinema
    Home for future student, young and experimental film makers
    300+ seat theatre fully refurbished
    Digital projection – with two supplemental 35mm projectors
    Regular events programme with a focus on innovation and technology and
    cinematic history and development, including, Silent Sundays (with organ
    accompaniment) and magic lantern shows
    Interactive Frontage – nobody should be able to walk past without wanting to
    look in
    Future proof ticketing and seasonal passes
    Student shorts and trailers before the main feature, industry links and talks at
    the forefront
    Not for profit
    Operational advice has been sought from many current and previous cinema
    operators
    Costs have been over-estimated and revenues under-estimated
    There is no better use of the space than what are envisioning for it with this
    plan. It is realistic, future-proof, innovative, relevant and focused
    

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    METRODOME is a publicly listed, independent all-rights distributor, in
    business for over 10 years. It acquires films and other product for
    exploitation in cinemas, on DVD and via broadcast. The principal activity of
    the Group is the licensing, marketing and distribution of feature films,
    television and video programming primarily through Cinemas, DVD and
    Video on Demand channels.
    Metrodome has earned a reputation for acquiring and releasing quality
    independent films that challenge audiences and provoke critics; from box
    office smash hits: Monster and Donnie Darko, to the Academy Award
    winning The Counterfeiters, and Academy Award nominated Away From
    Her, Days of Glory and Water. Alongside their high profile theatrical titles,
    Metrodome's award-winning Home Entertainment department also releases
    new films, classic cinema, documentaries, animation, stage adaptations,
    television programming and historical drama. Metrodome‟s overall theatrical
    gross to date is £18.5 million and their overall DVD sales to date are 15
    million units.
    The company has an excellent reputation in the industry and has become a
    specialist in releasing left handed, independent, art house films.
    THE REASON METRODOME WOULD BE BEST SUITED TO THIS
    PROJECT
    Metrodome is ready to buy its own cinema
    The Imagina group has taken a 61.4 per cent stake in Metrodome through
    its MediaPro arm. The Imagina group is a European leader in the
    audiovisual industry with a group turnover of over €800m in 2007. The most
    relevant aspect of MediaPro is an entertainment arm that includes
    production; film distribution and a European cinema operation.
    Metrodome CEO Peter Urie is working on deploying capital for growth
    propositions. Peter wants to use the funds to invest in the business and
    realise his ambition to become the number one art-house film distribution
    company in the UK – An area where Metrodome has proven credibility.
    In 2007, the business had turnover of £6.24m and losses of £680,000. This
    year it is forecasting a profit on sales of £7.5m.
    The Company is ready for expansion in this and other markets. The Regent
    Street Cinema is a natural fit for a company that specialises in independent
    film with its‟ location, user base and history. And in return Metrodome brings
    a proven name, portfolio, and distribution network.
    

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