The ICF and Triodos have jointly funded the cinema distributor and producer A Contracorriente Films, to purchase the property housing Cines Verdi in Barcelona. The operation, signed within the framework of the collaboration agreement between the two financial institutions, guarantees the continuity of the movie theatre, as well as the upgrade and renewal of the facilities.
The purchase of the property housing Cines Verdi, until now managed in a rental agreement by the company, ensures the continuity of one of Barcelona's most emblematic movie theatres specialised in quality and European cinema in original language versions.
For the founder and chief executive officer of A Contracorriente Films, Adolfo Blanco, this purchase “provides stability for the cinematographic and cultural project of Cines Verdi, a benchmark for Barcelona culture, and enables us to plan long-term improvement activities”. “Besides continuing to promote the screening of independent films in their original language, the purchase enables us to adapt the facilities to better tailor them to customers’ needs”, adds White.
With its headquarters in Barcelona, A Contracorriente Films is the leading distributor of independent cinema and owns highly-successful feature films such as “Intouchables” and “Qu'est-ce qu'on a fait au Bon Dieu?”, among others. The company has overseen a vertical integration process, ranging from the production of feature films such as Isabel Coixet's “The bookshop”, and “Litus” by Dani de la Orden, which will première shortly, to the management and ownership of movie theatres, with chains of the likes of Conde Duque in Madrid and the Verdi Group. It also oversaw the takeover of Espectarama S.A., dedicated to operating Cines Verdi in Barcelona and Madrid.
This operation forms part of the collaboration agreement signed by ICF and Triodos at the end of 2018 with the aim of fostering the financing of business projects for investment, growth, innovation and/or internationalisation of the social, environmental and cultural sector that generate high added value and have a positive impact on society. Through this agreement, both companies will cofinance projects for an amount of between 500,000 and 20 million euros and for a period of up to 15 years.
The ICF is the public financial entity of Catalonia, whose main mission is to promote financing for the business community in Catalonia in order to contribute to growth, innovation and the sustainability of the Catalan economy. The ICF acts as a complement to the private sector by offering a wide range of financing solutions focusing on loans, guarantees and venture capital. Since 2014, it has been a member of the European Associations Public Banks (EAPB), which groups a large proportion of the banks and public financial entities operating in Europe.