Sunderland's Crown Works Studios' backer pulls out of film hub
New investment is being sought to finance a major film studio after one of its backers pulled out.The £450m Crown Works Studios project in Sunderland is being designed as a major hub for the TV and film industry and it is hoped it will allow major projects to be created in the north-east of England.Cain International confirmed it had withdrawn from the project but declined to give a reason for the decision.The remaining backer, Fulwell Entertainment, said it remained committed to working with Sunderland City Council to find "appropriate private funding" to allow the development to continue.
Crown Works Studios is set to be built on the banks of the River Wear and it is hoped it will create thousands of jobs in the region.The government has already provided £25m towards the project, while the council and the North East mayoral authority have committed to invest about £120m, according to the Local Democracy Reporting Service.But much of the funding was expected to come from a joint venture between Fulwell and Cain, which had intended on building 19 sound stages at the riverside site.
A spokesperson for Fulwell Entertainment said: "Fulwell Entertainment remains committed to working with the council to find appropriate private funding, complementing the combined NE authority and wider government funding needed to make these world-class production studios a reality."
Labour-led Sunderland City Council said the proposals were "being presented to the investment market, with the aim to put in place a final funder and developer later this year".Council leader Michael Mordey said: "These studios represent a game-changing opportunity for the city and we cannot wait to see them progress. "There's an absolute commitment to secure the best possible delivery partner to move this forward and we expect that we will have funding confirmed and be ready to progress the first phase of the studios by the time remediation works complete later this year."Labour's North East Mayor Kim McGuinness said she remained confident Crown Works Studios would be "a flagship site in a thriving industry for years to come."
The council's Liberal Democrat opposition leader, Paul Edgeworth, said he hoped the studios would not turn out to be an "empty promise"."Labour have every lever at their disposal to make sure this project is a success," he said. "Sunderland council, the regional mayor and the government must now make it their top priority to make sure this development gets off the ground."
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