- Everyman said CEO Alex Scrimgeour has stepped down with immediate effect
- Non-executive director Farah Golant will serve as interim chief executive as the board launches an external search
- The leadership change follows a December cut to the company’s revenue and EBITDA outlook after a weaker UK box office
Everyman Media Group said on Monday its chief executive, Alex Scrimgeour, has stepped down with immediate effect and non-executive director Farah Golant will take over as interim CEO. [1]
The move lands weeks after the AIM-listed — London’s junior stock market — cinema operator lowered forecasts, pointing to a softer UK box office in the final quarter and pressure on consumer spending. [2]
Investors have punished the stock through the year. Everyman shares were marginally lower in London trading and are down around 48% year-to-date, according to an Alliance News market update. [3]
Everyman said it has begun an external search process for a permanent replacement and will update shareholders “as soon as practicable.” [4]
“We would like to thank Alex for his commitment to Everyman throughout his tenure,” Philip Jacobson, the company’s non-executive chairman, said. [5]
Golant will work with the broader management team and the board during the transition, the company said, describing her as having experience across the global creative, entertainment and media industries. [6]
In a trading update earlier this month, Everyman said it expected group revenue of no less than 114.5 million pounds for the year to Jan. 1, down from prior market expectations. [7]
It forecast EBITDA — earnings before interest, tax, depreciation and amortisation, a common measure of operating profit — of no less than 16.8 million pounds, versus prior consensus expectations of 19.9 million pounds. [8]
Everyman also said net debt was expected to be about 24.0 million pounds at the period end, up from 18.1 million pounds a year earlier. [9]
The company said it expects to release another trading update for the year and revised guidance on its outlook in January 2026. [10]
Scrimgeour took the top job in January 2021 after running French restaurant chain Côte Brasserie, the London Standard reported. [11]
The Standard also reported that Everyman’s finance director resigned on Dec. 15, adding to the management changes in December. [12]
AJ Bell analyst Dan Coatsworth said larger rivals such as Vue and Odeon have copied elements of Everyman’s offer by rolling out reclining seats and bars, narrowing the premium chain’s differentiation. [13]
Everyman describes itself as the UK’s fourth-largest cinema business by number of venues and says its model pairs film screenings with in-house food and drink and curated programming. [14]
References
1. www.investegate.co.uk, 2. www.investegate.co.uk, 3. www.lse.co.uk, 4. www.investegate.co.uk, 5. www.investegate.co.uk, 6. www.investegate.co.uk, 7. www.investegate.co.uk, 8. www.investegate.co.uk, 9. www.investegate.co.uk, 10. www.investegate.co.uk, 11. www.standard.co.uk, 12. www.standard.co.uk, 13. www.lse.co.uk, 14. www.investegate.co.uk
