The Prince Charles, a celebrated repertory cinema on London's Leicester Square, has announced the end of its closure threat by signing a new 25-year lease with its landlords, Zedwell LSQ Ltd, owned by developer Criterion Capital.
The cinema revealed the agreement through an announcement titled "You Saved the PCC", stating that "after 21 months of uncertainty, we're delighted to have secured the future of the cinema" and confirming they had "signed a new 25-year lease with no break clause, ensuring our projectors will keep rolling for years to come". According to Deadline, the new lease locks both the landlord and the cinema into the agreement for its full term, providing mutual long-term commitment.
The venue expressed gratitude for the "support, commitment and belief of many, many people" throughout the dispute.
How did the cinema face closure?
The threat emerged in January 2025 when the Prince Charles claimed its landlord was attempting to "bully us out of the building" by demanding a break clause in its lease, which was due for renewal in September 2025. Such a clause would have allowed Zedwell to terminate the cinema's tenancy with just six months' notice if the company had alternative development plans for the site. Criterion Capital denied at the time that it was attempting to intimidate or disadvantage the cinema.
During negotiations, the cinema sought a minimum 15-year renewal at market rent and on terms similar to its previous lease, according to the cinema's own account. The landlord had also sought rent above what the cinema considered reasonable and had not provided information to support the proposed figure. However, the landlord did not oppose the cinema's lease-renewal request within the required timeframe, which removed the landlord's ability to refuse a new lease under property law.
What public support did the cinema receive?
The January announcement triggered widespread backing from industry figures and cultural organisations. The groundswell of support demonstrated the venue's significance to London's film community and arts sector.
What is the cinema's history?
The building originally opened as a cinema but was converted to show adult films before being taken over in 1991 as a repertory cinema offering cut-price seats to audiences. In May 2025, the venue received recognition from Westminster City Council. The Soho Society also nominated the cinema for Asset of Community Value status, a designation that gives the community a chance to raise funds to buy the building if its owners decide to sell.
What did the key parties say?
Ben Freedman, owner of the Prince Charles, stated:
Our cinema means an enormous amount to our team, our audiences and the wider arts community. Having this security gives us the confidence to invest in the cinema's future and continue providing a home for film lovers. We are pleased to have reached an agreement that works for both parties and, most importantly, allows us to look forward with real confidence and excitement to the next chapter of the Prince Charles Cinema.
Vaqas Farooq, CEO of Criterion Capital, said:
We are delighted to have agreed terms which secure [the Prince Charles'] future … I'm particularly pleased that together we were able to work through a set of complex issues and find an equitable solution for both parties. A 25-year commitment provides real security for the cinema and its fans, and we are delighted to be continuing our partnership for many years to come.Farooq added that the landlords plan to develop a hotel on the building's upper floors.
Are other cinemas facing similar pressures?
Lease disputes affecting independent cinemas extend beyond the Prince Charles. The Ultimate Picture Palace in Oxford faces an uncertain future, with its landlord, the University of Oxford's Oriel College, refusing to renew its current lease beyond 2037.
Key Facts
- The Prince Charles secured a 25-year lease with no break clause, ending 21 months of uncertainty about its future
- The dispute centred on the landlord's demand for a break clause that would have allowed six months' notice for termination
- The cinema sought a 15-year renewal at market rent on terms similar to its previous agreement
- Criterion Capital plans to develop a hotel on the building's upper floors while the cinema continues operating
- The Soho Society secured Asset of Community Value status for the venue, protecting community interests in any future sale
