London SE1 website team

UPDATED: Coronet shuts its doors after cash crisis

The newly refurbished Coronet Cinema at the Elephant & Castle has closed, after its owners ran into financial difficulties.

This page was updated in January 2006 at the request of Dominic Madden

The Coronet reopened at Easter as a nightclub and corporate events venue.

The venue is managed by Pure, who said in a statement: "Following recent reports regarding the closure last week of The Coronet, London newest multi purpose events venue, Pure Management and Consultancy Limited (Pure), the venue's event management company, would like to clarify the ongoing situation with the following statement.

"During the evening of Wednesday 2nd July 2003, we were advised by Mr Dominic Madden, a Director of Coronet Refurbishment Limited, that following his discussions with Coronet Refurbishment Limited's professional advisors he was progressing a financial restructuring of Coronet Refurbishment Limited.

"Last week we were told by a number of sources that Coronet Refurbishment Limited had been place in Receivership. It now transpires however that a Receiver has not been appointed.

"We are advised that a meeting is taking place tomorrow afternoon between the Bank and the Directors of Coronet Refurbishment Limited. A decision is likely to be taken by the Bank and Coronet Refurbishment Limited at that time as to how to proceed.

"Pure will seek to negotiate with whoever is appointed and the Landlord to enable the venue to continue to trade. We hope this will benefit Coronet Refurbishment Limited's existing unsecured creditors and those clients that have booked events."

On Friday Pure had issued a statement claiming that Coronet Refurbishment had been placed into receivership.

The earlier statement also said: "Pure were able to source an alternative venue for Extreme Euphoria and Saturday's event has been relocated to the SE One club in Weston Street, London Bridge, we would like to thank them for their understanding in very difficult circumstances."

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