Fulwell 73’s planned studio facility has been backed by government
Cain International, a major investor in Sunderland’s anticipated Crown Works Studios, has pulled out.
The £450m UK studios was set up with a joint investment between Cain and Fulwell Entertainment, with Fulwell Entertainment still committed to the studios. The build is being designed as a hub for the TV and film industry to allow major projects to be shot in the north-east of England, with 8,000 jobs expected to be created in the area.
It is not currently known why Cain International pulled out, and the London-based asset manager declined Screen’s request for comment.
A spokesperson for Fulwell Entertainment said: “Fulwell Entertainment remains committed to working with the council to find appropriate private funding, complementing the combined NE Authority and wider government funding needed to make these world class production studios to reality.”
It is understood that even with Cain’s investment, Sunderland City Council was always planning to explore further private investment for the project.
The government has already provided £25m towards the project. According to the BBC, the council and the North East mayoral authority have committed to invest about £120m, and Labour-led Sunderland City Council said the proposals were “being presented to the investment market, with the aim to put in place a final funder and developer later this year”.
- This story first appeared on our sister publication Screen
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