Watch: Insider's Business Briefing - 16th October
Adam and Stephen discuss the results for a national cinema chain, funding for a cyber security business and a hotel that once hosted King James I.
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00:00Results for a national cinema chain, funding for a cyber security business, and a hotel
00:05that once hosted King James I, featuring today's business briefing.
00:14So Adam, what's caught your eye on the news today?
00:16Yeah, today a story's been released on Insider Media about the UK arm of a major cinema group
00:23publishing its results for its most recent financial year on Company's House.
00:28National Amusements UK operate the Showcase brand. I don't know if you've ever been to a Showcase cinema.
00:34Yeah, they're dotted around the UK.
00:37Now the company has reported that attendance actually rose by 7% in 2023 over the previous financial year.
00:45Despite this, pre-tax losses widened from £3 million to £13 million.
00:51The business cited a number of challenges the industry is facing at the minute.
00:55Fewer blockbuster films being released. There was The Strikes, of course, which had an impact.
01:02As well as competition from streaming services and the simultaneous launching of films on streaming services
01:07and at cinema having an impact. I'm sure obviously the cost of living crisis will have had its own effect as well.
01:14Yeah, well, I mean, attendance is up, so there's always a plus there.
01:17Yeah, that's a positive to take away.
01:20Well, in Yorkshire today, we have Cyber Security Zentra securing funding from the Northern Powerhouse Investment Fund too.
01:26So that's a company that provides cyber security services to clients, including Leeds United and Leeds Bradford Airport,
01:33as well as councils, schools and NHS bodies.
01:36The company is the third cyber venture from entrepreneur Henry Doyle, who previously co-founded Alternet and Boxfish.
01:43And he acquired a stake in the business in January. Since then, it's started to put growth plans into place.
01:48So it's going from two staff to 14 today and has secured a raft of high profile clients as well.
01:54So the new funding is going to support further growth with the company aiming to double in size over the next 12 months.
02:00So it's one to keep an eye on that.
02:02Yes, certainly. Moving on from that, we actually have a story about a historic property in the northeast,
02:08a County Durham Castle Hotel, which was built nearly towards the end of the 12th century.
02:15It has been snapped up by a new owner.
02:17Walworth Castle Hotel actually hosted King James VI of Scotland on his way to be crowned King James I of England.
02:25The room in which he stayed is now the bridal suite.
02:28Interestingly enough, I'm sure it's a popular room.
02:31It was also previously used by Durham Light Infantry during World War Two and as a school for girls.
02:36So there's certainly a lot of history at the site.
02:39It's been acquired by Millwood Hotels Limited, which will continue to use it as a hotel, restaurant and a wedding and function venue.
02:47The site is actually also home to a dungeon where I imagine they can put unwanted guests.
02:52But I think it's actually used for functions.
02:58So hopefully no one's getting locked up.
03:00Certainly an interesting one.
03:02Yes, a really good history to that one.
03:04Last thing for us today.
03:05In Wales, we've got plans to convert a former bridal shop in Cardiff into a nightclub.
03:10So the Alice and Jane unit suddenly shut its doors last year after training for more than 50 years.
03:15High street challenges are well known at this point, hit by the cost of living crisis, things like that.
03:20And plans were submitted earlier this year to convert it into a nightclub.
03:25The work there would include installation of a stage, a bar, a DJ area.
03:30There's also plans for an outside seating area.
03:33So the applicant has secured a lease agreement with the landlord, a 15-year lease agreement, subject to planning permission.
03:40And that has now been granted by Cardiff Council under delegated powers.
03:44So yeah, keeping on that building.
03:46Hopefully there should be something new there very soon.
03:49Yeah, I think that's it from us, Stephen.
03:52You can read more about the stories we've spoken about this morning on insidermedia.com,
03:57where you can also subscribe to our newsletters and hear about upcoming events.
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