The owners of the CGR cinema group, the second French chain, announced this Thursday that they will stop selling this activity due to a lack of sufficient supply, after several months of prospecting.
“Despite a rigorous sales process and strong interest from multiple stakeholders, the offers did not meet the quality and value criteria set by the Raymond family,” which owns the business, they wrote in a press release.
The group also announces “a management reorganization in the coming months to start over on new bases.”
According to professional media. the french movieseveral members of management are fired, including the CEO.
17 million euros of profits in 2022
CGR (Circuit Georges Raymond), owned by Charles and Jean-Luc Raymond, aged 53 and 63, sons of the founder, is the second largest cinema network in France, distributed mainly in the provinces, with a total of more than 700 cinemas , behind Pathé-Gaumont and in front of UGC.
It has developed its own “premium” technology, competing with the Imax standard, called ICE, and is also present in the hotel, restaurant and film distribution sectors.
According to the latest accounts presented to the commercial court, CGR Cinémas reached a turnover of 213 million euros in its 2022 financial year, for a group participation in net profit of 17 million euros.
The sale of CGR was the main restructuring operation underway in the French film market, with Pathé’s plan to go public.
But, after having mentioned this project last year, the head of the group Jérôme Seydoux, 88, finally explained in March that “it was not for tomorrow” and that there was not even “any certainty” that the operation would take place. cape.
Source: BFM TV
