The Crown Works Studios project is seeking new funding following reports a private backer has pulled out.
According to a report in Chronicle Live, financier Cain International has pulled out of the £450 million TV and film studios complex on the banks of the River Wear in Sunderland. Preparatory works on the former shipyard site are underway, although construction work has not yet begun.
Approval for the proposals was granted by Sunderland City Council last year, with £25 million in funding provided by the government. In April, Lisa Nandy, the UK’s Secretary of State for Culture, Media and Sport, said she expected to see the development proceed “at pace.”
However, Sunderland City Council and the North East Combined Authority are now seeking new investment following Cain International’s decision to withdraw. According to the report, councillors “remain confident” that a new backer will be found. On Monday, a council spokesperson stated that proposals were “being presented to the investment market, with the aim to put in place a final funder and developer later this year”.
Featuring 19 sound stages, the complex aims to become the UK’s largest film and TV production facility outside the south east region and is expected to create up to 8,450 jobs, adding £2 billion to the local economy. The Crown Works was named as one of the key areas of the North East’s economic growth last week, when the government unveiled its industrial strategy.
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.”
