Berkshire film studios hit by cash crisis
Winnersh studios have gone into administration
Winnersh Film Studios near Reading has gone into administration following ‘cashflow problems’ linked to writers and actors strikes in the US.
Consultancy firm Interpath Advisory said that it had been appointed as administrator of Winnersh Film Studios Limited and its parent company Stage 50.
Interpath said the companies will ‘continue to run as normal’ for now, and lenders say they are ‘committed’ to keeping Winnersh Film Studios running. But going into administration can mean spending cutbacks as administrators try to keep the company afloat.
Winnersh Film Studios is located at the Winnersh Triangle business park, and already has two sound stages, with plans for another approved by Wokingham Borough Council last year.
The new Ghostbusters: Frozen Empire was partly filmed there.
But Interpath Advisory said the knock-on effect of a writers and actors strike in the US last year had caused cashflow problems. This led an investment fund from finance firm SCIO Capital – the senior secured lender to the studios – to bring in administrators.
It is not yet known if the move will affect plans to expand the film studios, or if operations will be scaled back.
Fully committed
Greg Branch from SCIO Capital said:
“We remain fully committed to Stage 50’s model and vision of creating high-quality, innovative spaces for television and film makers.”
Interpath Advisory said other parts of the Stage 50 group are not in administration.