Jeremy Powell, who reopened the Palace Cinema in Malton in 2002, is retiring with his wife Caroline, who has been involved with the business for 13 years.
The new owners are Zoë and Dean Grainger who both currently work at the cinema.
Jeremy said: “The cinema went from being a single screen of 147 seats, in 2002, to a three-screen cinema offering a wide range of films.
“I also brought the cinema into the digital age and never stinted on the quality of the experience going to Dolby 7.1 sound in all screens.
“Likewise, the cinema became a first-run cinema showing the latest releases on their release date and The Palace was one of the first to be licenced for alcohol in the country in 2004, showing that the thinking was far sighted and innovative.
“A real cup of tea or coffee in a real mug whilst offering the other things that other cinemas offer to make the experience different and attractive.”
Jeremy said he always saw the cinema as part of the community in the town and supported events like the Roman festivals 12-15 years ago as well as Malton in Bloom and no raffle has gone without a prize if requested.
Jeremy and Caroline met at the Palace Cinema and were married in 2012.
Caroline joined the cinema in that year and between them they have taken the cinema from strength to strength.
Jeremy said COVID offered its challenges and there is also a new era of streaming services.
“People still want to go out and there is nothing like the real, big screen, cinema experience without the interruptions of phones, children or other distractions,” he added.
“We keep being told by our patrons that we must keep going and how our patrons love coming to the Palace Cinema.
“Like all businesses the Palace Cinema is under immense pressure from rising costs and with only a slight increase in its patronage the cinema will be in good times again – though we are conscious of the way that cinema-going is driven by the quality and appeal of the films on offer, and these quality films seem to be returning.”
Jeremy said: “There is work still to be done but I have some health problems and while I find it heartwarming the affection and assistance from colleagues, it is embarrassing to have to accept help working at the cinema.
“Both myself and Caroline are retirement age and the new owners are younger and have the energy to carry the Palace Cinema into the new age.”
Both Zoë and Dean Grainger are local to Malton.
Dean has been associated with the cinema since 2006 when he designed the cinema’s website, while Zoë joined in 2023 as Manager.
Jeremy said: “To ensure the continuance of the cinema in the town we are passing over the ownership of the company to Zoë and Dean who will take over immediately.
“They have the energy to deliver the new era of cinema and have ideas to keep the experience fresh for the modern cinema-going audience in Malton.
Jeremy and Caroline see themselves as gifting the cinema to the town but will maintain some shareholding in the company and offer support, if requested, but will not have any control.
Jeremy said: “We will still have some association with the cinema, which was a lifetime ambition for myself, for a little while longer and will certainly be seen there watching films!
“We have always been proud that they live in Malton and are part of the community themselves. The cinema will still be owned and run by locals for the patrons and community it serves.
“We know how much the cinema is appreciated and are sure that the loyal patrons will welcome the change to new ownership and support Zoe and Dean, like they have with us, in their new venture to keep the cinema firmly planted in the town.”