Dáil Éireann Debate, Thursday - 29 March 2018
239. Deputy Stephen S. Donnelly asked the Minister for Business, Enterprise and Innovation the impact of the sale of a studio (details supplied); the impact on the State's position in relation to the studios; the impact on employees; and if she will make a statement on the matter. [14706/18]
Amharc ar fhreagra240. Deputy Stephen S. Donnelly asked the Minister for Business, Enterprise and Innovation if she has met with representatives of a studio (details supplied) in 2018; and if she will make a statement on the matter. [14707/18]
Amharc ar fhreagraI propose to take Questions Nos. 239 and 240 together.
Olcott Entertainment Limited (Olcott) has completed the acquisition of Ireland’s leading film studios, Ardmore Studios Ltd (Ardmore Studios/Ardmore) located in Bray, Co. Wicklow. Under the deal, Olcott has acquired the full share capital of Ardmore Studios International. Prior to the sale of Ardmore Studios, it was owned 68.33% by private interests and 31.67% by the State. The State’s shareholding is managed by Enterprise Ireland.
Enterprise Ireland inherited the stake from NADCORP, the former State investment agency, in 1986. As a passive investor, Enterprise Ireland had no enterprise development role in Ardmore or any involvement in its day-to-day operations.
The sale of the Ardmore Studios was a commercial decision by the majority owners of the studios.
Wicklow County Council has in the past confirmed to my Department that it agrees to maintain the film-only zoning as a matter of policy.
Enterprise Ireland negotiated the sale of its shareholding with the benefit of due diligence undertaken by independent consultants and are satisfied that they realised full market value, and on a par with the other parties. As the sale is a commercial transaction relating to a private company, the terms cannot be revealed for reasons of business confidentiality.
Investment is required in the Ardmore studios' facilities to secure its long term commercial future and the Olcott Entertainment deal provides the potential to breathe new life into the company at a time when the market for film production in Ireland is again showing good growth potential.
I therefore welcome the Olcott plans to develop and expand the Ardmore Studio offering, and other related entertainment projects which I believe is in the best commercial interests of the studios, the skilled workers in the area, and in Ireland as a location for international film production. Olcott also intends to retain the current experienced Ardmore management and staff.
I have not met with representatives of the purchasers. However, Enterprise Ireland has remained engaged with the company and their representatives at all stages of this process. Any proposals requiring a decision were reviewed by the Agency in consultation with me, as Minister for Business, Enterprise and Innovation. In turn, I have consulted with the Minister for Culture, Heritage and the Gaeltacht.
