The Really Local Group announced on Friday (November 7) that its company had been forced into liquidation after eight years.
Liquidation is when a company shuts down and sells its assets to repay its debts.
The Really Local Group ran two cinemas in south London – Throwley Yard in Sutton, which opened in September 2024 and Catford Mews, which opened in September 2019.
Throwley Yard closed for good on Sunday (November 9), and Catford Mews shut down in October 2024.
Preston Benson, founder of the Really Local Group, said: “Ultimately, it doesn’t matter how the business failed; it did, and I take full responsibility for that.
“Cinemas close every week with barely a whimper.
“Our very public challenges over the past year generated a roar.
“This is a testament to both our model and incredible venue teams, who have endured a great deal: you deserved a better ending.
“I will never forget the loyalty you have shown and hope, someday, to repay you.
“Really Local Group pioneered a new model with clear-cut results that show the future of cinema will always be really local.”
Really Local Group was set up with the goal of high street regeneration in historically underdeveloped areas through the creation of safe third spaces centred on cinema.
It opened five community venues across London, hiring over 700 local employees, paying out over £8m in wages and selling 1.5 million cinema tickets.
Each venue combined cinema, live performance spaces, café-bars, and flexible areas.
The company faced major challenges, including COVID closures, Hollywood strikes, the cost-of-living crisis, and the rise of streaming services.
While some councils cooperated, others withdrew support or failed to follow through on agreements, complicating operations.
Preston Benson, founder of the Real Local Group, said: “The UK is being hamstrung by an anti-business environment at local government level.
“For a model like ours to thrive, councils must act as partners.
“Instead, we encountered malicious obstruction that made long-term investment and operation impossible.
“Entrepreneurs aren’t a threat; we are often the only ones willing to take risks to revive struggling high streets.
“We proved the model works.
“With the right environment, it could have transformed dozens more high streets across the UK.”
