PricewaterhouseCoopers has stepped up its efforts to find a buyer for the South Wales-based Valleywood film studios. Its owners Dragon International Studios and Westair Properties Ltd both went into administration in March 2008 and since then PwC have struggled to complete a suitable rescue deal in the current financial climate. Options looked at have included selling off assets, a trade sale and refinancing.
Construction of the new studios was completed soon after the owner companies went into administration. One of the reasons behind the failure was that income at the site did not materialise as quickly as first thought.
It is now hoped that the production of a medieval action film at the 60,000 sq. ft. site will stimulate interest from potential buyers.
About twenty creditors are owed £15m in total. The companies had tried and failed to come to informal agreements with the creditors, shortly before deciding to enter administration.
Administrator Rob Lewis of PwC said options for the studios still include seeking new investment, an outright purchase, or the sale of assets. Discussions are being held with interested parties.
Dragon International Studios are being leased out and the first film Ironclad is being shot there at the moment.
Mr Lewis said: "If we can make a film and it can be seen the film is a success, it will encourage others to bring their productions there as well.'
