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

I will answer the question the Deputy raised regarding the conditions that surrounded the sale of the State's stake in the studio. Ardmore Studios has been sold to Olcott Entertainment Limited. The Ardmore site is currently zoned for film industry use only and this protection is due to run for at least five more years under the Bray municipal district local area plan. As the Deputy knows, the site cannot be used for non-film industry development without the agreement of Wicklow County Council to alter the current zoning restriction.

Enterprise Ireland negotiated the sale of its shareholding with the benefit of due diligence undertaken by independent consultants and is satisfied that it realised full market value, and on a par with the other parties. Investment is required in the Ardmore Studios facilities to secure their long-term commercial future and the Olcott Entertainment deal provides the potential to breathe new life into the company at a time when the market for film production in Ireland is again showing huge growth potential. Olcott Entertainment has indicated that it plans to develop and expand the Ardmore Studios offering, and other related entertainment projects, and to retain the current experienced Ardmore management and staff. The promoters of Olcott Entertainment have a strong track record in the film production industry. This acquisition will ensure Ardmore Studios continues to be a world class film studio, can strengthen the potential of Ireland as a location for film production and take advantage of new opportunities in emerging areas including on-demand TV, content and gaming production. Overall, I am confident that the sale will not only continue to ensure high quality production of current projects, but will also provide continued investment in the studio and employment opportunities for the skilled workers in the area.

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