£66 MILLION INVESTMENT PLANNED FOR ADVANCED STUDIO

THE FULL Picture Company launched today announcing an agreement that has been reached in principle to secure £66 million in funding from British backers.
The Company plans to build the premier and most comprehensive film stage and television facilities in the UK, to be based in the South West.
The UK film industry continues to grow, an indication of its strength is the increase in interest from private investors with funding from this sector is growing by 35 per cent per annum. The film industry in the UK is currently worth £230 million, with the Government encouraging investment by offering tax breaks up to £15 million spend for UK registered companies. The UK is a favoured place for film making industry, renowned for its homegrown talent of cast, crew, technicians and craftspeople, as well as offering great locations.
The management team of the Full Picture Company includes Chairman, Peter Lamont, Academy award winner and film industry veteran, who has worked on 16 of the 19 James Bond films. He commented: “ We are delighted to be at the final stages of bringing the Full Picture Company to life. We have conducted extensive consultations with those in the industry and are convinced that we are providing a solution which will meet the needs of international film and television producers, now and in the future. Following planning approval and funding confirmation, we will have key facilities up and running within 12 months and completed in around four years.”
The Full Picture Company aims to meet the demands of the changing media and arts industry, by combining both production and distribution requirements merging media, arts and technology. The site has been planned to offer a one-stop for producers to provide all facilities from state-of-the art studios and television stages to accommodation, to provide greater efficiency and cost control. The Full Picture Company is expecting a minimum of five productions in the first year, with projected spend of £2 million per production to be ploughed back into the local economy.
The South West offers opportunities for greater cost effectiveness, combined with stunning locations, a skilled workforce, excellent climate and longer lasting quality of light. The project will create some 200 permanent jobs in the region, many of them highly skilled. It is estimated by the Full Picture Company, based on information provided by The South West Film Commission, that £125 million is lost to the South West annually, as studio facilities aren’t currently available to meet the demands of producers.
(GB)