I would like Picturehouse too, but I don't see why they would want to open two new sites within ten minutes of each other. Just seems odd. Also, I don't like walking past the Capitol late on a Friday night, but I do think it is a shame to lose a reasonably priced pub.
Picturehouse own a cinema in Clapham and the Ritzy in Brixton which are able to co-exist despite being reasonably close.
Having two close cinemas allow the group to show different movies.
If the Capitol closes as a pub, they still have other pubs in the chain which are a bus ride away.