An independent cinema at one of the main shopping centres in Reading has been saved from closure, even though the company that set it up has gone into liquidation.
The Biscuit Factory independent movie theatre at Broad Street Mall in Reading town centre has been around since the summer of 2021.
For months, there has been speculation about the future of the venue, with reports from visitors about a lack of food and drink supplies there.
The cinema was run by the Really Local Group (Reading) Ltd. Uncertainty emerged when a petition to wind up the company was submitted on December 27, 2024.
A meeting took place on Thursday, January 16 to determine how the company would be liquidated, with discussions going into the following day.
The decision resulted in the Really Local Group (Reading) being liquidated, with Asher Miller and Stephen Katz of Begbies Traynor management company being appointed as liquidators.
A spokesperson on behalf of the venue stated that a deal will allow the Biscuit Factory to remain open.
It is understood that the Sarv’s Slice pizza restaurant will remain at the venue as well.
A representative for the Really Local Group said: “The group, renowned for its pioneering community-first approach to high street regeneration, has announced a strategic restructuring of its operations. This transition will see three of its flagship projects—Sidcup Storyteller, Ealing Project, and Reading Biscuit Factory— continuing to operate as independent venues, effective immediately.
“This step marks a pivotal moment in securing the future for these beloved spaces, which have become vital hubs for their respective local communities.
“The decision to restructure follows a difficult period for the business, driven by global challenges that have affected the industry.
“Over the past five years, the group has navigated significant obstacles, including the COVID-19 pandemic, which led to prolonged closures and reduced capacities alongside construction delays at the Reading site, pushing its opening by a year.
“The energy crisis, inflation, and economic uncertainty were compounded by industry-wide impacts on cinemas from the Hollywood writers’ strike.
“Despite these hurdles, the Really Local Group remains committed to its founding vision, and the restructuring aims to ensure the sustainability and growth of its venues in the long term.”
The Biscuit Factory was the group’s second-ever venue, opening in July 2021, with three screens, a bar, a cafe, a free workspace and a live performance space.
The company hailed the venue’s ‘blend of culture and convenience, becoming a cornerstone for Reading residents’ offering a mix of blockbuster screenings and live music performances.
Preston Benson, Founder of Really Local Group, commented: “On behalf of the team at Really Local Group, I’d like to thank our communities for their unwavering support. Challenging times have prompted change, and this restructuring is a positive step towards securing the future of these cherished venues and ensuring they continue to thrive as cultural and community hubs.”
Worries about the future of the Biscuit Factory emerged last November, with reports that the food and drink offer provided by the business itself had to be reduced.
Last October, a cinema owned by the Really Local Group in Ealing, London, went into liquidation, owing close to £2 million to creditors, including £16,000 to 15 employees.
Shortly afterwards, a sister cinema in Catford Mews, East London, was repossessed by Lewisham Council due to a dispute over rent arrears.
