Cineworld plans to shut round 25 of its 100 British cinemas

Cineworld plans to close around 25 of its 100 British cinemas under a radical restructuring proposal.

The company also wants to renegotiate rent agreements at a further 50 sites, with the remaining 25 of its 100 sites untouched by the restructuring.

Sources told Sky News the proposals were expected to be formally outlined to creditors including rent cuts to landlords in the coming weeks.

They told the broadcaster that the insolvency mechanism employed by the cinema was expected to be a restructuring plan rather than a company voluntary arrangement (CVA). 

A Cineworld spokesperson said in a statement: ‘We continue to review our options but we don’t comment on rumours and speculation.’ 

The company also wants to renegotiate rent agreements at a further 50 sites, with the remaining 25 of its 100 sites untouched by the restructuring 

A Cineworld spokesperson said in a statement: ‘We continue to review our options but we don’t comment on rumours and speculation’

Last month it was reported Cineworld was holding talks about a sale with potential buyers, and that it had then switched to a formal restructuring process.

Until last year the company was listed on the London Stock Exchange.