Bristol City Council says it has not been possible to conclude an agreement for the sale of the leasehold of the studios
Bristol City Council has revealed that it’s not been possible to reach an agreement with a preferred bidder for the sale of the leasehold of The Bottle Yard Studios.
The Studios were put up for sale last year and received interest and bids from several prospective bidders. The Council evaluated the bids received and identified a preferred bidder, and spent three months working on detailed negotiations and the drawing up of fuller proposals for the potential sale.
That sale has now fallen through, with the Council saying that “despite giving this process time and the expertise required, it has not been possible to conclude an agreement for the sale of the leasehold of the studios”.
Councillor Tony Dyer, chair of the strategy and resources committee at Bristol City Council, said: “I’m grateful to officers who have engaged with and undertaken the detailed process of taking the studios to market and negotiating on a potential sale with bidders. This has been a necessarily lengthy process to ensure all possible factors are considered and that an extensive level of due diligence is carried out throughout.
“In the absence of an agreement being reached I have asked that officers conduct a further appraisal of the options for maximising the value and benefits of the studios before returning to our committee with further recommendations. We entered into this process with the objective of securing a sustainable future for the studios and the opportunity to grow into its huge potential. Those aims remain the same as does our determination to ensure that one of our city’s most successful regeneration projects continues an upward trajectory to deliver more jobs and more investment for Bristol.”
Councillor Ani Townsend, co-chair of the Bristol One City Culture Board, added: “Bristol’s film and TV sector forms a critical part of our local economy, providing a catalyst for new jobs, new investment and bolstering our city’s reputation at home and abroad. As someone who works in the stage and screen sector I can say with confidence that a key element of the growth seen in the sector over the past decade and a half has been the role played by The Bottle Yard Studios in providing a home for Bristol-based productions from which companies can access high quality facilities and tap into the broad range of expertise based in the West of England.
“It’s vital that if we are to continue to see the film and TV sector deliver positive social and economic benefits for Bristol then we must maximise the potential of the studios. I look forward to engaging with officers, partners and fellow councillors in the next steps for the studios.”
Bristol City Council is now appraising the options available for the future of The Bottle Yard Studios. The facility remains “fully open for business and continues to support film and TV production in Bristol,” says the Council.
The Bottle Yard Studios is the largest film and TV production facility in the West of England.
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