Epic Studios Up For Grabs

Future looks uncertain for local television studios.

Monday 29th November 2010

The future of local television and editing facility Epic Studios has been thrust into uncertainty, as the Council-backed organisation moves into talks with potential buyers.  Norfolk County Council have been said to be 'exploring every option'.

Purchased from ITV in 2007 for £1.2m, The East Of England Production Innovation Centre, (the home of Final Cut Pro editing labs, Pro Tools-equipped Dub Theatres, conference rooms, studios and a free, Pilot-specific launchpad project), boasts some of the most advanced film & TV facilities in Europe.  

The initial purchase money was acquired in the form of an EEDA (East Of England Development Agency) grant, anlong with a further £838,000 refurbishment package.  Increased pressure has come, however, at the hands of large-scale funding cuts.  

Simon Coward, who also leads Hethel Engineering Centre, recently replaced Mark Wells as Managing Director during a NCC restructuring programme.  Mr. Coward said that whilst the organisation were looking at every course of action, a sale was definitely a possibility.  Involving an external operator to helm the organisation is an outside prospect.

“It could be a consortium, or private sector individual, or a party that wants to work with other players to take on Epic in variety of possibilities,” he commented.

He also mentioned that 'detailed discussions' were under way with various potential investors.  Whilst the matter is due to be resolved by the second quarter of the year, Coward stated that the values of Epic studios were to be upheld through any eventuality.

“The key thing for me is that we look at all options," he said. "We need to maintain the vision of Epic, which is to incubate startups, work with skills providers and we also need to look at ways to sweat the assets in terms of studios and dubbing facilities.”

Since launching two years ago, the studios have been instrumental in the formation of 15 new businesses, and has created more than 60 jobs in the local creative industries.

Ann Steward is a cabinet member for Sustainable Development at Norfolk County Council

“People will know that we are proposing to radically change the way we deliver our services in the face of huge reductions in the amount of funding we receive from central government over the next four years," she said.  “In doing this, we need to consider every part of the councils' current responsibilities.

“We are exploring all options for the future of Epic, one of the most advanced digital production centres in Europe, to continue its successful work in supporting our creative industry, which is such a key business sector in Norfolk.”

Click here for the Epic Studios Official Website