Since Majestic Cinemas appointed Administrators on 1 February, four Majestic Cinemas on the Mid North Coast have been the subject of a seven-week purchase negotiation.

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Regional Cinemas Australia has now announced that, as part of a sale agreement with Majestic Cinemas, it has taken ownership of Majestic Port Macquarie, Sawtell Cinema, Nambucca Cinema Centre and Riverside Movies Kempsey.

RCA CEO Kieren Dell, the former CEO of Majestic Cinemas, told News Of The Area, “We are still getting the information out, but the stories that have been posted on social media have had a great response, with a huge sense of relief in our communities that they won’t be losing their cinemas, and an appreciation of how much they value the entertainment that their local cinema offers.

“We’ve worked tirelessly over the last seven weeks with a variety of stakeholders to create a more sustainable business model as we progress into the new future of cinema as RCA.

“Whilst we’re excited by the outcome, it’s been an incredibly difficult process, where some Majestic locations in other regions have closed in order to secure a future for the business on the Mid North Coast.

“I’d like to specially mention the support of our landlords at our Mid North Coast sites – their passion and desire to see cinema continue in their towns has been critical to us being able to move forward and continue to provide quality entertainment.”

Terry van der Velde, one of the joint administrators of Majestic Cinemas noted, “The sale of the four sites is expected to result in a more favourable outcome to the creditors of Majestic Cinemas and a reduction of creditor claims in any potential liquidation scenario.”

The new business will retain all current Mid North Coast employees, saving any potential job losses, which was a concern for RCA Executive Chairman Wayne Wilson.

“The cinema industry has been impacted through a variety of factors across the last few years, and developing a sustainable model that allows for four cinemas across the coast to continue under the banner of a broader group has allowed us to keep our staff employed,” he said.

“Like any business, our employees are the heart of what we do, and it was always our aim to find a way to keep our staff employed and for our customers to continue to be served by the same friendly faces.”

Mr Dell offered his thanks to the community for their enduring support.

“On behalf of our Board, Senior Management, Site Managers and staff, we want to thank our local communities for the unwavering support that they’ve shown us over the last two months.

“It’s been incredibly humbling in what has been a challenging time for a business we’ve spent 21 years growing.

“It’s been quite remarkable seeing what we mean to our local audiences and reminds us why we love what we do and how it brings people together.”

Now rebranded as Nambucca Cinema Centre, Majestic gift cards, vouchers and movie club cards will continue to be accepted at the cinema, with all their original benefits and conditions applying to their usage going forward.

By Andrea FERRARI