The British arthouse cinema chain has changed hands. Its new American owners would be wise to ignore industry gloom and invest in discerning movie audiences

Who wants to buy an arthouse cinema chain? That question may seem unexpected now that being depressed about post-pandemic filmgoing appears to be the industry’s default position. But the sale of the Curzon cinema group to New York investment company Fortress – part of a foreclosure auction of assets belonging to current American owner Cohen Realty Enterprises – has been met with a lack of surprise, still less alarm, in the industry and within the Curzon group itself, who reportedly regard the new owner as more likely to invest and to nurture long-term growth than the current proprietor. Fortress bid $5m [£3.9m] for Curzon, and insiders are calling it a “bargain”.

This is one of the UK’s prestige cinema companies with a history going back to 1934, now with 350 employees, 16 venues and 58 screens. It consolidated its position in the arthouse marketplace with its acquisition of Artificial Eye in 2006 and the launching of a streaming service in 2010 and this integration was boldly masterminded by its outgoing CEO Philip Knatchbull, the dapper, urbane leader with a movie-aristocrat and actual-aristocrat background – he is the son of producer John Brabourne and grandson of Lord Mountbatten. Knatchbull announced his stepping-down last year but is expected to stay in post until this month, and the Fortress sale would appear the right moment to go.