Dáil Éireann Debate, Wednesday - 9 May 2018
155. Deputy Peadar Tóibín asked the Minister for Business, Enterprise and Innovation the commercial rationale for the sale and sale price of a studio (details supplied); and her views on whether the State's financial interests were protected. [20346/18]
Amharc ar fhreagraArdmore Studios Limited has been sold to Olcott Entertainment Limited. The Ardmore site is currently zoned for Film Industry use only, and this protection is due to run for at least 5 more years under the Bray Municipal District Local Area plan. The site cannot be used for non-Film Industry development without the agreement of Wicklow County Council to alter the current zoning restriction.
In relation to the sale price, the commercial rationale and other specific financial details, I am unable to reveal what are confidential details of Enterprise Ireland’s minority shareholding disposal transaction in what is a privately held company. This applies to the Ardmore transaction as it would to any other individual investment or share disposal of Enterprise Ireland where it is a minority shareholder in a privately held company.
What I can however confirm is that Enterprise Ireland negotiated the sale of its shareholding with the benefit of comprehensive due diligence undertaken by independent consultants and is satisfied that it realised full market value, and on a par with the other majority shareholder parties.
The Government had committed that the company would be sold as a going concern and that is what has happened while realising full commercial value for the shareholders selling the company, including Enterprise Ireland.
Investment is required in the Ardmore studio’s 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 understand that Olcott plans to develop and expand the Ardmore Studio offering, and other related entertainment projects, and to retain the current experienced Ardmore management and staff.
The promoters of Olcott Entertainment have a strong track record in the film production industry. This acquisition will ensure Ardmore Studios continues to be a world class film studio. It can also strengthen the potential of Ireland as a location for film production and take advantage of new opportunities in emerging areas including on-demand TV, content and gaming production.
Overall, I am confident that the sale will not only continue to ensure high quality production of current projects, but will also provide continued investment in the studio, and employment opportunities for the skilled workers in the area.
