In a small way, the micro-budgeted U.K. indie “Winnie-the-Pooh: Blood and Honey” more than pulled its weight in drawing audiences back to theaters two years ago. The bad-taste concept and trailer generated guilty-pleasure viral traction; then the Fathom Events theatrical window was so short, there was no chance for word-of-mouth to spoil the fun. Which was fortunate, as the film itself was an amateurish slog.

You have to give the filmmakers credit, though: They swallowed all criticism (including an impressive sweep of the Golden Raspberries), vowing to plow their considerable profits into making better movies …albeit in the same vein. Last year’s “Honey” sequel was reportedly a significant improvement. Now there’s “Peter Pan’s Neverland Nightmare,” a nasty piece of work — in the sense that it appeals to horror fans with a strong stomach not just for gore but truly unpleasant ideas.

You might hesitate to call a...