The news a fortnight back that the Lux Centre in East London's Hoxton Square ceased operations without warning first thing on a Tuesday morning was both disappointing, shocking and more than a little worrying for those who had dealings in progress there. It now looks like the Lux will not only continue suspension of all activities but is now heading for formal insolvency in the very near future.
At present, the cinema and the post prod facility are out of action with the bar next door doing a roaring trade for the trendies but the reason for the shutdown was the imminent 400% rent hike.
The Lux, the result of a merger of the London Filmmakers Coop and London Electronic Arts just four years back, is dangerously situated in one of the most sought after property locations in London.
Shoreditch, long the home of rats and narcotic miscreants as well as artists, is being given a superficial face lift as the property values soar all over East London.
The Lux board of directors is now negotiating with international accountancy firm Price Waterhouse Coopers in an attempt to resolve the situation with the creditors and begin the task of relocating the centre, probably under a different name.
This week... Cinemas Admit record Year >>> Euro adds to UK's film woes >>> Britfilm Investment Sinks 10% in 2001 >>> (Stewart) Till We Meet Again >>> Jean-Marie's Mess >>> Snow White & The 7 Sequels >>> Brian Cox in Good Spirit >>> And also... >>>
At present, the cinema and the post prod facility are out of action with the bar next door doing a roaring trade for the trendies but the reason for the shutdown was the imminent 400% rent hike.