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Valleywood studios worries mount Valleywood studios worries mount
(about 1 hour later)
Concerns over the future of the Valleywood film studios are mounting after administrators were called in. Concern over the future of the Valleywood film studios is mounting after administrators were called in.
A disagreement with a creditor, which could not be settled informally, has led to the move.A disagreement with a creditor, which could not be settled informally, has led to the move.
The studios, dubbed Valleywood and chaired by Lord Richard Attenborough, have been plagued by problems. The studios near Bridgend, chaired by Lord Richard Attenborough, have been plagued by problems.
The administrator said he hoped stakeholders would give the project their support. Dragon International Studios was not available to comment.The administrator said he hoped stakeholders would give the project their support. Dragon International Studios was not available to comment.
Building work on the first of four studios at the 330-acre site near Bridgend is due to be finished next month.Building work on the first of four studios at the 330-acre site near Bridgend is due to be finished next month.
It is owned by Dragon International Studios and Westair Properties Limited, both of which are in administration. It is owned by Dragon International Studios and Westair Properties Ltd, both of which are in administration.
Administrator Rob Lewis, a partner with accountancy firm PricewaterhouseCoopers was appointed on Friday to tackle the problems. Administrator Rob Lewis, a partner with accountancy firm PricewaterhouseCoopers, was appointed on Friday to tackle the problems.
He said he has a year to sort the issues and potentially could then hand it back to the current directors to run. He said he had a year to sort the issues and potentially could then hand it back to the current directors to run.
I am very hopeful of securing the support of the various stakeholders...to ensure that the studios can be completed shortly Rob Lewis, administrator I am very hopeful of securing the support of the various stakeholders... to ensure that the studios can be completed shortly Rob Lewis, administrator
He said in a statement: "Over the past two weeks, the companies have been trying to reach informal agreements with their creditors but unfortunately, satisfactory arrangements have not been possible.He said in a statement: "Over the past two weeks, the companies have been trying to reach informal agreements with their creditors but unfortunately, satisfactory arrangements have not been possible.
"The directors of the companies have therefore sought the protection of an administration order with a view to effecting a restructuring."The directors of the companies have therefore sought the protection of an administration order with a view to effecting a restructuring.
"I will be actively exploring the opportunities to put formal restructuring proposals to creditors over the coming weeks."I will be actively exploring the opportunities to put formal restructuring proposals to creditors over the coming weeks.
"In the meantime I am very hopeful of securing the support of the various stakeholders in the project to ensure that the studios can be completed shortly.""In the meantime I am very hopeful of securing the support of the various stakeholders in the project to ensure that the studios can be completed shortly."
The project is backed by Lord Richard AttenboroughThe project is backed by Lord Richard Attenborough
No-one from Dragon International Studios was available to comment but the main building contractors said it was business as usual as far as they were concerned. The main building contractors said it was business as usual as far as they were concerned.
Mr Lewis said he is still working closely with Dragon International Studios and they are still driving the project forward. Mr Lewis said he was still working closely with Dragon International Studios and they continued to drive the project forward.
Work on the £330m development at Llanilid, near Llanharan, started in August 2007 following delays caused by sewerage problems and bad weather.Work on the £330m development at Llanilid, near Llanharan, started in August 2007 following delays caused by sewerage problems and bad weather.
Oscar-winning actor and director Lord Richard Attenborough has been the project chairman. Oscar-winning actor and director Lord Attenborough, said in January 2006 the scheme would "build studios that have not been seen for decades throughout the world".
He said in January 2006 the scheme would "build studios that have not been seen for decades throughout the world".
Organisers hope the sound stages and TV studios will put south Wales on the film industry map.Organisers hope the sound stages and TV studios will put south Wales on the film industry map.