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business from Everard Entertainment and
minor shareholder Brian Eldridge. The
Berkeley Group was the fourth largest cinema
circuit, with 21 screens at Botany Downs,
Mission Bay, Takapuna and the Hibiscus
Coast. The sale took place in May for
A$9 million dollars.

With the purchase complete, Hoyts began to
re-brand the group and integrate the
complexes with their technical systems and
operations. Perhaps the purpose of this
purchase was to strengthen Hoyts, thereby
making the company more attractive for a
potential buyer. At the time of purchase,
Hoyts New Zealand Cinemas increased its
circuit to 11 multiplexes and 70 screens.

Private equity owner, Pacific Equity Partners,
considered making an initial public offering
later in the year, headed by ex All Black David
Kirk, who said the possible listing of Hoyts
was because of a lack of interest from
potential buyers. Hoyts was a public company
from 1996 to 1999, when the late Kerry
Packer's Consolidated Press Holdings bought
it for A$745 million. PEP paid A$440 million,
which included assuming more than
A$100 million debt for the cinema chain.

Regent, Auckland The balance sheet for Hoyts in New Zealand
to year ending 30 June 2010 produced a gross
revenue of $46.9 million from a movie market
Changes took place in May as Gordon Adams Hoyts had been installing 3-D in some that shrank 5% in the last year, according to
left Hoyts Distribution to manage his own locations around the country. In February Hoyts N.Z. holding company HCH Bidco
company, Metropolis Films, and booker Nigel 2010, they came under a stinging attack over (N.Z.) Ltd.
Forsyth moved to Roadshow Distributors, and their Dunedin Complex from the Otago Daily
was replaced by Mark Chamberlain. Times, regarding their failure to install 3-D. The Australian and New Zealand cinema
On 1 March 2010, the Dunedin cinema was business was down 0.2% to A$329.7 million
Stuart McInnes, ill with cancer, forced the equipped to screen 3-D, but only in a 125 seat in 2010, earnings before interest, tax
new owners of Hoyts to re-evaluate their New cinema. depreciation and amortisation declined 7.1%
Zealand operation and, in November, they to A$50.4 million and net profit dropped
closed the New Zealand Head Office and The same month, Hoyts owners, Pacific 51.7% to A$4.1 million. Not good figures
began running the company out of Australia, Equity Partners (PEP), announced the with which to float a public offering.
the exception being Hoyts Distribution and company was for sale but, at the same time,
the marketing Division. At the end of said it was to buy another group of cinemas. Revenue from Hoyts 25 screens in
December 2007, when Stuart McInnes died, Christchurch was disrupted by the September
the company flew all managers from around On 23 April 2010, the Commerce 2010 earthquake which saw nearly every
the country to Auckland for the Saturday Commission cleared Hoyts to buy the cinema damaged, but most were up and
funeral. James McIntosh was appointed New Auckland based Berkeley film exhibition running by month's end. However, Hoyts
Zealand Operations Manager for the day to
day running of the business. Hoyts now
controlled 58 screens, 18 of these being in
Auckland.

After notification of a rent increase which
made the location unprofitable, Hoyts 5
Lower Hutt was closed on 5 March 2008.
The owner later sold the building for
$3.5 million to the Baptist Church. For year
ending 30 June 2009, Hoyts Cinemas in New
Zealand reported an income of $42 million in
revenue and an after tax loss of $7.7 million.
After 14 years of swimming in red on the
company balance sheet, Hoyts Regent on
Manners closed its doors on 19 August 2009.
With its closure, the company exited the
Wellington region.

Hoyts Distribution scored big after obtaining
the rights for the Twilight series of films. The
first took $4 million at the New Zealand box
office. Embassy Theatre, Wellington

26 CINEMARECORD # 91