New Delhi: After nearly four decades of its foundation and several ups and downs, Vashu Bhagnani’s Pooja Entertainment is recovering from a major financial setback. The production banner, known for making blockbuster entertainers like Coolie No. 1, Biwi No. 1 and Hero No. 1, is downsizing its operations a bit after consecutive box office failures. The latest report is that Vashu Bhagnani has sold his seven-storey office of Pooja Entertainment to a builder. The identity of the builder who bought the land and how much it was sold for has not been revealed yet but apparently they will now demolish the building to build a luxurious residential project on the land.
The source has revealed that Vashu has sacked about 80% of the employees and shifted the office to a two-bedroom flat in Juhu. The layoffs begin in 2024. The staff was further reduced in April, especially after the release of Bade Miyan Chote Miyan. This development comes after BMCM failed miserably at the box office. It barely earned Rs 59.17 crore at the box office against an investment of Rs 350 crore. This resulted in the production banner losing at least Rs 125-150 crore. Sources say that Vashu has sold the building to repay debts of around Rs 250 crore to several financiers.
“It all started with Bell Bottom which was one of the first Hindi films to release in theatres in 2021 after the COVID-19 pandemic. The film flopped badly at the box office and so did the next film Mission Raniganj. The company suffered another setback when the big-budget film Ganapath failed to perform. By this time, the company’s financial status had started improving and the heavy investment in Bade Miyan Chote Miyan made matters worse. Still, the firm was hopeful that Akshay Kumar and Tiger Shroff’s action entertainer would improve its financial position. However, the historic failure of the Ali Abbas Zafar directorial almost crippled the company. Vashu had no choice but to sell the building to pay off the huge debts,” a source in the know of developments told Bollywood Hungama.
Despite these challenges, the source claims that Pooja Entertainment is not shutting down. Vashu and his son Jacky Bhagnani are determined to restart operations and have begun discussions with actors and directors for new films. Contrary to rumours, they are going ahead with Shahid Kapoor’s Ashwathama project which they announced a few months ago.