Everyman Cinema Chief Executive Steps Down After Profit Warning
Everyman Media Group has announced the departure of its chief executive, Alex Scrimgeour, less than three weeks after the cinema chain issued a profit warning and downgraded its financial outlook.
The company said on Monday that Mr Scrimgeour had stepped down with immediate effect. Non-executive director Farah Golant has been appointed as interim chief executive while the board begins the process of finding a permanent replacement.
The leadership change follows a trading update released on December 10, in which Everyman said performance towards the end of the year had fallen short of expectations. The announcement triggered a sharp market reaction, with the company’s shares dropping by about 20 per cent.
Everyman, which operates 49 cinemas across the UK and is known for its premium seating and food-led experience, revised down its projections for 2025. It now expects revenues of £114.5 million and underlying earnings of at least £16.8 million, compared with earlier forecasts of £121.5 million in revenue and £19.9 million in earnings.
Mr Scrimgeour took over as chief executive in January 2021, having previously led French restaurant chain Côte Brasserie. During his tenure, the company navigated the aftermath of the Covid-19 pandemic and expanded its operations.
Chairman Philip Jacobson said Mr Scrimgeour had been instrumental in guiding the business through a challenging recovery period, noting that revenues more than doubled following the pandemic disruption.
Market analysts, however, have pointed to persistent pressures on the business. Dan Coatsworth, head of markets at AJ Bell, said the outgoing chief executive faced a series of challenges from the outset, including the pandemic and the cost-of-living crisis. He added that Everyman’s share price declined significantly during Mr Scrimgeour’s time in charge and that the chain had lost some of its distinctiveness as competitors adopted similar premium features.
Mr Coatsworth also suggested that Blue Coast Private Equity, which owns a 29 per cent stake in the company, could consider taking Everyman private as part of a potential turnaround strategy.
Everyman has not announced a timeline for appointing a permanent chief executive.
