Kent film studio plans gets £50m loan facility agreement

By Tom Kilkelly

4 April 2023

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The Ashford Borough Council Cabinet have agreed to grant a loan facility of £50 million to the Ashford International Development Company (AIDC) for the construction of a film studio on the site of the Newton Works railway.

This agreement came following reports that the AIDC had attracted interest and have been in talks with a global film studio over either a sale or lease of the studios on completion. AIDC will repay said loan via on completion via the proceeds of the sale or lease of the studio.

Ashford Borough Council also agreed to financially assist AIDC with the redesign of the studio facility up to the value of £30,000 in order to submit a revised planning application. A spokesperson for the council said: "AIDC has been working to secure interest from the film and TV industry for a studio operator, and we are pleased to report they have engaged with a leading global studio operator.

"They would work alongside the East Kent College Group facility to develop a curriculum and training programmes to support the development of the local workforce, providing the talent required by the studio operator and the production companies renting the studio space."

The cabinet’s involvement revolves around the development being a promising source of investment and job creation for Ashford. A report drawn up before the meeting between the cabinet and AIDC revealed that significant offers for 202 of the 302 residential units had been made. The council is assisting AIDC in providing the £100,000 in due diligence required to finalize this transaction.

Council deputy chief executive Ben Lockwood said: "The report reflects the fact that the regeneration scheme at Newtown Works has the potential to deliver on the ambitions for recovery at a local, regional and national level.

"Our project has the added benefit of regenerating a brownfield site that has lain dormant for 30 years, as well as preserving buildings that contribute to the historic fabric of Ashford for generations to come."

By Tom Kilkelly

Tom Kilkelly started working as a freelance journalist for The Business Magazine following his graduation from UCL in 2022.

During his studies Tom became very interested in the works of Irish authors including Samuel Beckett and Flann O'Brien (Brian O'Nolan).

His current role as a freelance business reporter is his first exposure to the world of business journalism. Working at TBM has given Tom the chance to really get to grips with the goings-on in the business hive that is the South East.