Britons have been heading to the cinema to escape Brexit, bosses said on Thursday.
Crispin Lilly, the chief executive of upmarket chain Everyman, said: “Cinema is about escape and turning off for a couple of hours. I think there’s a halo effect there [from Brexit].”
The boss of bigger rival Vue, Timothy Richards, added: “When things are really dire, we see an uptick in admissions.” He added that recessions actually drove consumers to the cinema.
Last year appears to have been the strongest in history for cinemas, attracting a record number of customers, Lilly and Richards agreed.
Lilly said that it had been “a good year” for Everyman and its 26 cinemas and he expects forthcoming releases, such as the new Lion King and Avengers, to boost revenues and profits further.
Everyman has borrowed an extra £10 million from the banks to expand and it plans to have 14 new venues by 2022, including in London’s Borough Market. It expects underlying profits to reach £9 million for the year ended January 3.
