Casey calls for information on price of Ardmore sale

THE Government is refusing to inform the people of the price of the sale of its 32 per cent portion of Ardmore Studios, according to Deputy Pat Casey. He said that Minister Heather Humphreys gave ‘non-answers’ to questions he posed recently in the Dáil. ‘Enterprise Ireland has already admitted to me that the 32 per cent was an unusually large holding and not a normal part of their portfolio,’ said Deputy Casey.

‘ The Government yesterday refused to answer my question and instead stuck to a script which basically says we sold your shares and we are not telling you for how much but we are sure that everything will be fine,’ he said. He said that he has contacted Sean Fleming TD, chair of the Public Accounts Committee, and asked for a value for money analysis to be done in relation to the sale.

‘ The taxpayers of Ireland deserve to know why commitments given by the Department to consult with public representatives and the local authority were broken,’ said Deputy Casey in the Dáil.

Minister Humphreys said that 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 on a par with the other parties.

‘In examining the proposition, Enterprise Ireland took the view that continued investment is required in the studio facility to secure its 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 strong growth potential,’ she said.

‘Olcott plans to develop and expand the Ardmore studio offering and other related entertainment projects,’ said the minister.

‘It is also important to note that the site cannot be used for non-film industry development without the agreement of Wicklow County Council to alter the current zoning restriction. The Ardmore site is currently zoned for film use only and this protection is due to run for a further five years at least under the Bray Municipal District local area plan. Taking all these factors into account, the Government therefore believes the sale to Olcott provides the best prospects for the commercial development of Ardmore, for the employment of the many skilled workers who have been employed in Ardmore productions over the years and for the attractiveness of Ireland as a location for international film production.’ She said that as the sale is a commercial transaction relating to a private company, the terms cannot be revealed for reasons of business confidentiality.