Ardmore Studios sale ‘will not affect filming’
HISTORIC film studio ‘Ardmore Studios’ on Bray’s Herbert Road is on the market, the company announced yesterday afternoon.
The business is being sold as a going concern, according to the board of directors. Productions currently on site at Ardmore include Mel Gibson’s ‘ The Professor And The Madman’ and ‘Into The Badlands’ with ‘a healthy number of potential productions in the pipeline for the coming months and year ahead’.
The company said that the sale of the business will have no impact on the day-to-day operations of the studios.
The majority shareholders in Ardmore Studios, Ossie Kilkenny and Paul McGuinness, U2’s former accountant and manager, have owned the studios for almost 30 years. ‘ Together with
Enterprise Ireland, an original shareholder, they believe the time is right for the sale,’ they said in a statement. ‘Ardmore has recorded significant profitability over the last number of years whilst operating to almost full capacity. The favourable Section 481 tax incentive scheme is a key attractor for international productions and demand for fully-serviced studio space in Ireland remains buoyant.’
Ardmore has operated at an average annual capacity of 85 to 90 per cent since 2013. In 2016, it expanded to include the 47,000 square foot ‘ The Film Factory’ on the Southern Cross. Established in 1958, Ardmore’s productions have included My Left Foot, Braveheart, Excalibur, Penny Dreadful, The Tudors and many others, which have yielded 14 Oscars, and numerous BAFTA, Golden Globe and Emmy Awards.
Deputy John Brady said that he hopes to meet with Ardmore CEO Siun Ni Raghallaigh in the coming week. Ms Ni Raghallaigh is also a director of Troy Studios, opened at the old Dell facility in Limerick, along with one of Ardmore’s owners Mr Kilkenny.
‘We were told there would be no impact and they would be able to operate both sites,’ said Deputy Brady. ‘I wasn’t convinced at that stage. I am very concerned about the planned sale and it’s come as a big shock. We need to ensure that the site is ring-fenced in the development plan.’
‘I’m shocked at the news, particularly as my understanding was that it was a very successful business,’ said Cllr Joe Behan. ‘In the past, Bray UDC in particular were extremely helpful in encouraging film production.’ He said that special zoning put on the site by Bray UDC for filmmaking must be maintained. ‘Obviously there will be a concern that this is a move to sell off a valuable site for property development.’ IBI Corporate Finance is managing the sale for Ardmore Studios.