Hoyts swoops on Grand Cinemas

Hoyts has bought three venues from Grand Cinemas and administrators mulling options for two remaining venues weeks after the longstanding Perth business went under.

Grand Cinemas called in administrators at FTI Consulting and was forced to close its Joondalup and Armadale venues in late November due to difficulties recovering from pandemic closures and capacity limits.

Initially planned to continue operating based on their financial viability, FTI has since found a buyer for its remaining Warwick Grove, Currambine Central and Bunbury cinemas in fellow movie exhibitor Hoyts.

Hoyts has more than 400 screens across Australia and New Zealand and is considered the largest business of its kind between the two countries. The group did not disclose how much was paid for the three venues.

FTI Consulting senior managing director Ian Francis said the sale outcome would preserve the vast majority of jobs.

It is understood there were some 20 staff across Grand Cinemas’ five venues.

“I am very pleased a sales agreement has been reached with a major cinema operator so swiftly, providing certainty to many of Grand Cinemas’ employees and customers before the Christmas break, as well as an efficient outcome for creditors,” Mr Francis said.

“HOYTS is clearly a substantial and experienced cinema operator and will be well placed to successfully operate the acquired locations, providing continued employment and a strong product offering for movie-goers.”

Administrators are still considering options for Grand Cinemas locations Joondalup and Armadale however, which were closed at the start of the administration process.

Grand Cinemas was formed as a family business in 1928 and went on to become one of the best-known cinema venues in Western Australia.