AN AMBITIOUS last-ditch bid has been made to buy the former EMD building and reopen it as a cinema.

On the eve of a vital decision on the buiding’s future, a group of campaigners and entrepreneurs have formed the Waltham Forest Cinema Trust in an attempt to do a deal with current owner, the Universal Church of the Kingdom of God (UCKG).

The move could be the last opportunity to return the building to general community use.

Councillors are set to decide whether to approve a UCKG plan to turn the building into a place of worship in less than two weeks.

The trust estimates it will cost up to £9.5million to buy and refurbish the building, and are now seeking the cash from the Heritage Lottery Fund, various charities and private donors.

Former Walthamstow MP Neil Gerrard, Bill Hodgson of the McGuffin Film Society campaign group, the executive director of the Soho Theatre Mark Godfrey and Roxana Silbert, an associate director of the Royal Shakespeare Company, are all taking leading roles.

A spokesman said the trust had developed a strong business model for the site.

The plan will see the building reopened as a venue for live events, as well as a cinema.

A bar with catering facilities are also proposed.

The trust says the Curzon Cinema chain has expressed an interest in participating with the bid, along with Phil McIntyre Entertainments and Walthamstow restaurant Eat 17.

Mr Gerrard, the chair of the trust, said: “The cinema was originally built to inspire and benefit the entire community.

"The Trust's plans are entirely in keeping with this legacy, and will restore this building to its former glory."

He added: "We haven't approached them [UCKG] yet - as we know they've got a planning application in with the council and so at the moment we don't think they'd be willing to negotiate.

"It all depends on the outcome of the planning application. I guess we're hoping that it will be refused and then we would be in the businesses of talking to them to see if they're prepared to do a deal."

It is expected the project would take two years to complete.

Mr Godfrey said: “Ten years ago, the Soho Theatre opened after successfully combining Lottery money with private housing and catering investment - today it serves an audience of over 100,000 each year and is a landmark venue on London's cultural scene.

"The former EMD Cinema has all the potential to repeat that success and, at Waltham Forest Cinema Trust, we've got commercially sound plans and strong interest from partners who are leading players in cinema, catering, live comedy and music."

The UCKG is yet to comment but has never indicated it is willing to sell the site.

Campaigners have been fighting plans to convert the building into a place of worship since it was purchased by UCKG and closed in 2001.

Last year a council-commissioned study found that the venue could act as a catalyst for the regeneration of Walthamstow if it is returned to community use.

Click here to follow the Waltham Forest Guardian on Twitter