A new €6 million multi-screen cinema complex has opened in Drogheda Town Centre.

The company has invested almost €6 million in converting unused space in the shopping centre into an eight-screen cinema with over 800 seats.

At the same time, Nama is backing one of its debtors, property developer Gerry Barrett who is spending €20 million on building 50,000sq ft of retail space and eight cinema screens at Scotch Hall shopping mall.

Mr Barrett’s Eye Cinema group, which was responsible for the multiplex of the same name inGalway, will operate the Scotch Hall complex.

Melcorpo has criticised the plans on the basis that public money is being used to fund a project that could leave Drogheda oversupplied with cinemas, ultimately threatening both businesses.