Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

In the case of Ardmore Studios, Enterprise Ireland had a 32% shareholding. The owners decided to sell and we were one of the shareholders. Enterprise Ireland got an independent valuation and was satisfied it was the right thing to do for the studios. I visited the studio in my former role and it certainly did need investment; there was no question about that. I understand there had not been a huge amount of investment over the years and it did need some investment at the time. Enterprise Ireland is satisfied. It got an independent valuation. It is also satisfied it got full market value in line with the other parties. It is a private commercial deal. Olcott is purchasing it. There are links between it and Troy Studios. I have been to visit Troy Studios and I can say that what is going on down there really is great stuff. Huge investment is taking place in Troy Studios and it will create up to 500 jobs. The same potential is there for Ardmore Studios. Certainly in terms of the film industry, there is huge opportunity in this country and it will be a game changer for Ardmore Studios now that it will have new investment very much focused on what is a growing industry in terms of the film sector. There is a lot of opportunity there and it is an area that has been traditionally linked with film production. It has made many good programmes and series and there is a bright future for Ardmore Studios.

The land is zoned specifically for a film studio and its zoning can only be changed by a decision of the members of Wicklow County Council. I do not expect them to change the zoning because the sale will be good for Ardmore Studios. We want to ensure continuity and the studios were sold as a going concern.