Practically 4 many years since its inception and several other highs and lows later, Vashu Bhagnani’s Pooja Leisure is reeling from a significant monetary setback. The manufacturing banner, identified for making blockbuster entertaining motion pictures like Coolie No.1, Biwi No.1, and Hero No.1, amongst others, is downsizing its operations following consecutive field workplace failures, Bollywood Hungama has solely learnt.
EXCLUSIVE: Vashu Bhagnani sells Pooja Leisure’s seven-floor workplace to repay Rs. 250 cr. debt; lays off 80% of workers following consecutive field workplace failures
Based on commerce sources aware of the event, Vashu Bhagnani has bought his seven-floor workplace of Pooja Leisure to a builder. The identification of the builder who bought the land and the quantity it bought for shouldn’t be disclosed but, however they are going to apparently now demolish the constructing to create an expensive residential venture on the plot.
Vashu has additionally sacked nearly 80% of workers and shifted the workplace base to a two-bedroom flat in Juhu, the sources have revealed. The layoffs started in January 2024 after Jagan Shakti’s movie starring Tiger Shroff was shelved following a two-year wrestle to take it on flooring. The workforce was additional diminished in April, particularly after the discharge of Bade Miyan Chote Miyan. This improvement comes on the heels of the disastrous field workplace failure of BMCM, which barely earned Rs. 59.17 crores on the field workplace in opposition to the funding of Rs. 350 crores, leading to losses of not less than Rs. 125-150 crores for the manufacturing banner. Sources say Vashu has bought the constructing to repay money owed to a number of financiers, amounting to roughly Rs. 250 crores.
“It began with Bell Backside, which was one of many first Hindi film to be launched in theatres publish the COVID-19 pandemic in 2021. The movie flopped badly on the field workplace and so did the subsequent one, Mission Raniganj. The corporate confronted one other setback when the big-budget Ganapath didn’t carry out and was even rejected by Netflix regardless of an acquisition deal. Purple flags had already begun to look within the firm’s monetary sheet by this level, and the big funding in Bade Miyan Chote Miyan made issues worse. Even nonetheless, the agency held out hope that the motion entertainer starring Akshay Kumar and Tiger Shroff would flip round its monetary state of affairs. Nonetheless, the historic failure of this Ali Abbas Zafar directorial nearly crippled the corporate. Vashu had no alternative however to promote the constructing to repay the big debt,” a supply aware of the event instructed Bollywood Hungama.
Regardless of these challenges, sources declare that Pooja Leisure shouldn’t be folding. Vashu and his son Jackky Bhagnani are decided to reboot operations and have already began discussions with actors and administrators for a recent slate of films. In distinction to rumours, they’re going forward with Shahid Kapoor’s Ashwatthama venture that they introduced only a few months again.
Pooja Leisure was established in 1986 and has produced round 40 motion pictures to this point. The large successes embody their movies with David Dhawan, equivalent to Coolie No.1, Hero No.1, Biwi No.1, and Bade Miyan Chote Miyan, and extremely appreciated motion pictures equivalent to Rehnaa Hai Terre Dil Mein, Om Jai Jagadish, amongst others. The success ratio of the corporate, nevertheless, is outperformed by its massive field workplace failures equivalent to Himmatwala (2013), Humshakals (2014), Bell Backside, Mission Raniganj, Ganapath, and the latest Bade Miyan Chote Miyan.
Additionally Learn: Pooja Leisure worker calls out Jackky Bhagnani and Vashu Bhagnani’s firm over non-payment of dues; calls it, “unprofessional, unethical behaviour”
Extra Pages: Bade Miyan Chote Miyan Field Workplace Assortment
, Bade Miyan Chote Miyan Film Evaluate
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