The Really Local Group Cuts Ealing Project Loose
Questions remain as to how venue will operate independently
The Ealing Project. Picture: Instagram
January 21, 2025
The Really Local Group (TRLG), the financially troubled owner of The Ealing Project, has announced a restructuring of its operations which it says will see the Ealing Project operating as an independent venue.
The company’s statement doesn’t give further details of the transaction but two other cinemas, Sidcup Storyteller and Reading Biscuit Factory, are also being cut loose. TRLG says, “This step marks a pivotal moment in securing the future for these beloved spaces, which have become vital hubs for their respective local communities.”
It continues, “The decision to restructure follows a difficult period for the business, driven by global challenges that have affected the industry. Over the past five years, the group has navigated significant obstacles, including the COVID-19 pandemic, which led to prolonged closures and reduced capacities alongside construction delays at the Reading site, pushing its opening by a year.
“The energy crisis, inflation, and economic uncertainty were compounded by industry-wide impacts on cinemas from the Hollywood writers’ strike. Despite these hurdles, the Really Local Group remains committed to its founding vision, and the restructuring aims to ensure the sustainability and growth of its venues in the long term.”
Really Local Group (Broadway) Ltd, a subsidiary of TRLG, went into liquidation in October 2024 after it was disclosed that it owed nearly £2million to creditors of which around half was an inter-company loan from TRLG plus a quarter of a million owed to HMRC.
Accountancy firm Begbies Traynor was brought in to handle the liquidation. A business can continue to operate while in administration with the agreement of creditors who also include Ealing Broadway Shopping Centre, Ealing Council and various film distribution companies. The liquidator stated at the time that the assets of the company would have a substantially greater value should someone take over the operation as a going concern.
What is not clear at the moment is whether the new ‘independent’ Ealing Project has been enabled by a management buyout or a third party takeover of its operations and the two other venues. The Riverside Studios in Hammersmith was bought out of administration last year by a charitable trust owned by a billionaire philanthropist.
When the three screen Ealing Project opened in June 2022, it immediately became a local favourite in an area which had been deprived of a local cinema for many years. However, since then the long delayed Picturehouse opened in the Filmworks project.
The restructuring takes effect immediately and a pledge has been made by TRLG that all current memberships remain valid and the current pricing policy of the venue will be retained.
A local accountant who is a regular at the venue believes that the intercompany loan has been written off by TRLG and other creditors have been persuaded to take a ‘haircut’ on what is owed to them to allow the venue to continue to operate.
We have asked TRLG for further specifics on the new arrangement including a clarification of who now owns the operation and whether TRLG will continue to be represented on the company’s board. A response is awaited.
See what's on and book tickets at The Ealing Project.
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