Dáil Éireann Debate, Thursday - 24 May 2018
40. Deputy Willie Penrose asked the Minister for Business, Enterprise and Innovation the conditions that surrounded the sale of the State's stake in a studio (details supplied); the way in which this fits into the strategy in respect of securing Ireland as an attractive location for film production into the future; and if she will make a statement on the matter. [20006/18]
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.
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.
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, can 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.
Policy responsibility for the development of the film industry rests with my colleague, Ms Josepha Madigan, TD, Minister for Culture, Heritage and the Gaeltacht.
The Irish Film Board is the national development agency for the Irish film, TV Drama and the animation industry. Its statutory remit is to assist and encourage the making of film in the State and the development of the industry in Ireland. In 2018, €18 million was allocated to the IFB, an increase of €1.55 million from the previous year.
The Film Board also supports the Irish screen industries at major international markets and festivals, promotes inward investment, the use of Ireland as a location for international production and provides support for companies filming in Ireland. The Board liaises with IDA Ireland and Tourism Ireland to maximise opportunities for the promotion of Ireland as a location for film productions. Information on its funding scheme is available on the Irish Film Board website at www.irishfilmboard.ie.
The Government also supports the film industry through the film tax relief scheme - Section 481 of the Taxes Consolidation Act 1997. The twin approach of direct funding and tax expenditure measures maximises the benefits of the Government’s support to the audiovisual industry.
