Newbury.net can reveal that Irish property developers Alanis Ltd have paid an undisclosed sum for the town’s main shopping mall from Belfast firm William Ewart.

Alanis has extensive interests in the British and Irish retail scene, and recently bought the Royal Exchange luxury shopping centre in London. It’s run by the McCormack brothers, who are very active in Dublin.

The sale of the Kennet Centre had created uncertainty around whether Newbury would ever get its six-screen multiplex, as the £500,000 subsidy from West Berkshire Council will have to be transferred to Alanis.

Work was supposed to start on site in September, when newbury.net reported that the scheme had been delayed until at least January.

The appointed cinema chain, Apollo Cinemas, is owned by Paul Gregg, the main shareholder of struggling Everton FC, and was approved by West Berkshire Council after the council’s previous choice, Zoo Cinemas, went bankrupt in 2003.

Cinema audiences are down this year, with the blame attributed to a booming DVD market, and the lack of blockbusters now that Harry Potter, Star Wars, and Lord of The Rings have come to an end.