The opening of Vicolo is part of the cinema’s ongoing commercial growth plan and will create nine new jobs.
The funding package, provided by HSBC, will also see the transformation of High Friar Lane, which runs alongside the cinema, with the addition of canopy lighting and an al fresco style dining area.
Mark Dobson, CEO of Tyneside Cinemas, said: “It’s been great to deliver a project that benefits the local area. The HSBC team has exceeded our expectations by both funding our project and also giving us invaluable guidance throughout.”
David Slane, area director for Tyne Tees and Cumbria at HSBC, said the loan from HSBC would support Tyneside Cinema’s plans for growth and rejuvenate the surrounding area. “The team at Tyneside Cinema have spent the past few years working tirelessly to ensure their ambitious growth strategy comes to fruition.
"We have worked closely with the business for the past 15 years to provide a facility which not only funded their short-term plans but also supported their ongoing and evolving needs in the long-term.”
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