A final decision on the sale will be made at a later date
Bristol city council has approved starting the sales process of the long leasehold for The Bottle Yard Studios, with the caveat that a final decision on the sale will be made at a later date.
The council, which initially announced its plan last month, will keep hold of the freehold, but hopes to sell the long leasehold interest to, “unlock greater investment opportunities, which cannot be pursued under council ownership”. This plan was approved at an extraordinary meeting of the Strategy and Resources policy committee on 14 October, six to three, with the councillors also accepting an amendment that pushed a final decision on the sale to a later date.
A sales process will now run, with the selected bidder to be granted exclusivity and trigger further due diligence. This is scheduled to take place in winter 2024.
In addition to this decision, councillors also gave authorisation for the executive director for growth and regeneration, in consultation with the leader, director of finance, and the director of legal services, to negotiate the terms of disposal and the final terms of contract, and to consult with all relevant trade unions including those representing freelance workers.
Performers and creatives union Equity has already begun a campaign to stop the sale of the studios, criticising the process for a lack of transparency and stating, “The workforce has a real concern that there are no guarantees to ensure the studios cannot be sold off for other purposes if there is a short-term downturn for whoever owns the Bottle Yard Studios in 10 years’ time.”
Councillor Tony Dyer, leader of Bristol City Council and chair of the Strategy and Resources policy committee, said: “Today’s vote is an important one for not only the city’s Film and TV industry but for the sector across the region and further afield. The Bottle Yard Studios has been one of the most prominent drivers in the international success of our local industry and a catalyst for new jobs and opportunity along the sector supply chain. Bristol’s place on the international Film and TV map is firmly established and the benefits to the local economy are writ large.
“The discussion we’ve had with officers and my fellow committee members has identified that despite the studios’ success, the current ownership model means it has hit a glass ceiling. As the only local authority managed production studio in the country, certain opportunities are beyond the facility meaning the brakes are gently squeezed on the potential economic, social and reputational value The Bottle Yard Studios could deliver for the city. It’s clear that by unlocking the potential of private investment, that potential has a greater chance of being realised and the opportunity for more jobs, economic returns for the city, and bigger and larger Bristol productions appearing on our screens.
“Each member of the committee is aware of some concerns raised about the move towards selling the long leasehold and I welcome the opportunity afforded to us to air these thoughts and discuss each with officers. Today’s meeting is the culmination of nearly two years’ work to explore the options for growing the studios and delivering greater benefits to the regional sector and the city. Officers have kept directly employed staff informed of the proposals and engaged with the unions representing this group. Now we are able to move forward, officers have been instructed to pursue negotiating a deal that secures the long term future of The Bottle Yard Studios as a film and TV studios for the region.”
He continued: “We’re taking this approach in the full knowledge that as a regeneration project at its heart, the studios have achieved success beyond our initial ambitions. Like all regeneration projects, a time will always come when it’s sensible for the local authority to seek options for enabling further growth to expand the benefits available to the city. The Bottle Yard Studios has hit that point and I’m pleased fellow councillors have agreed the time is right to start the process of sale. Our initial market testing is very positive and we’re confident in securing an agreement with a purchaser that benefits the studios, the sector and the city.”
Laura Aviles, Bristol City Council’s head of film who oversees the Studios, added: “This decision marks a positive step forward for The Bottle Yard Studios and the wider film and TV industry in Bristol and the South West. The trajectory of growth we have seen in the Studios’ national and international reputation, evidenced by the increasing volume, budget and calibre of productions it attracts to the region, is clear. This upward trend can be further boosted by the private investment opportunities that will now be fully explored. For the operational team at the Studios and the productions, business tenants, crew and companies we support on site every day, it will be ‘business as usual’ throughout this process. With a strong booking slate stretching into 2025/26, we are committed to ensuring The Bottle Yard continues to deliver for the region’s film industry as a thriving studio hub, to the benefit of local creative industry professionals working in the wide range of roles associated with film and TV production.”
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