The acquisition has sparked hopes for the reopening of the iconic venue, which closed its doors in October 2022 after its parent company, the Centre for the Moving Image (CMI), went into administration, resulting in the loss of 102 jobs.

The B-listed property, built in 1830, initially served as a church before being converted into a cinema. The building attracted 14 bids, with the final price agreed upon after a competitive process.

Despite engaging with Creative Scotland, the funding body for cultural bidders, the administrators found that the highest bid from a culturally motivated party would not have led to a full recovery for the company’s creditors. According to the administrator’s progress report the gap between the highest cultural bidder and commercial bidder exceeded £1m.

The new owner’s identity has not been officially confirmed, however The Scotsman has reported that it is Caledonian Heritable, the company behind Edinburgh establishments such as The Dome, Ryan’s Bar, and the Theatre Royal.