Swiss finance and production company Silver Reel is launching a €50 million fund to make TV drama in Britain.
The company, which has invested more than £500 million making 35 films in the past ten years, is planning a “big expansion” with the launch of a TV production operation.
Speaking to The Guardian, Claudia Bluemhuber, managing partner, Silver Reel, said: “We believe – despite Brexit – the time is now. The weakening pound is making this strategic move more cost-effective. There is a great deal of creative talent in the UK, and given our expertise in high-end [film] drama, we can easily transfer this to the world of television with a European focus.”
The €50 million fund is expected to focus on the the high-end £1 million-per-episode range.
Such a level of spending makes productions eligible for the UK government’s tax credit programme, which has been utilised by shows big-name shows such as Game of Thrones, The Crown and Outlander.
“Between series that Silver Reel is developing and series that other partners are bringing to us, we are looking into deploying about €50 million, and our target is a minimum of two shows per year, starting 2018,” said Bluemhuber.
The drop in the pound’s value has reportedly made it at least ten per cent cheaper to produce high-quality TV programmes in Britain.