Fountain Studios, home to X Factor and Britain’s Got Talent, is set to close after being sold to property developer Quintain.
The owners of the iconic building, the Avesco Group, sold the Wembley Park venue for £16 million after Fountain Television reported financial losses last year.
The television studio has been used for a host of TV shows since the late 1980s, including The Cube, The Voice, Pop Idol and All Star Mr & Mrs.
The company stated that the sale of the premises is likely to lead to the closure of the Fountain Studios business in Wembley.
Richard Murray, chairman of Avesco, said, “Fountain Studios and its outstanding team of people have a long and proud history of television programme making in Wembley and the studios have over the years been home to many very successful television shows.
“However, the physical constraints of the Wembley site have limited Fountain’s ability to grow, while at the same time property values in Wembley have increased substantially.”
It has been suggested that the building will be demolished to make way for housing.
Murray added, “The disposal of the Fountain site will enable the group to reduce its net debt to very modest levels and, as a board, we believe that a far better return on capital is now available from investment in other parts of the group where there are greater opportunities.”
