THERE are fears for the future of the Cineworld complex at Basildon's Festival Leisure Park with news that its parent compnay is preparing to file for banruptcy.

The chain, which has 128 cinemas in the UK, could be at threat of closing after weeks of bad news including a tumbling share price.

Shares have fallen by more than 81% to a record low of 1.8 pence, with the company expected to file for insolvency in the UK within weeks.

The company said recently: "Despite a gradual recovery of demand since re-opening in April 2021, recent admission levels have been below expectations.

"These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the group's liquidity position in the near term."

The position for Cineworld in Basildon is not likely to be helped by the arrival of the soon-to-be-opened Empire Cinemas complex in the town centre.