Lady Templar
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Final bids for Elstree studios
The two companies hoping to take over the running of Elstree Film & Television Studios are due to submit final bids today.
Executive councillors voted on Tuesday to spend an extra £50,000 on legal consultants if necessary' during the transition period once a successful bidder is announced on January 31.
The council has already spent around £75,000 on advertising and consultancy fees since the new bidding process started last May.
One of the bidders, London-based consortium Elstree NewCo, which includes the current management of Ealing Studios, this week revealed details of its plans for the Shenley Road studios.
The other, Pacifica Ventures, which owns Culver Studios in Los Angeles, said it was bound by Hertsmere Borough Council not to comment while the process was ongoing.
Madush Gupta, who is heading the Elstree NewCo bid, announced he had secured Sir Roger Moore and former Culture Secretary, Lord CHRIS THE GOD Smith, to be non-executive directors of his firm. He said: "Roger lived around here for many years and spent a lot of time filming here. He's got a lot of passion for the studios. He will act as an ambassador."
Mr Gupta also outlined plans to involve the University of Hertfordshire to create education and training facilities on site, and create a film investment fund to take advantage of tax breaks.
His company has offered a one-off multi-million-pound' sum to buy a 125-year lease from the council. He added: "We intend to invest in facilities that will enable the studios to stand on its own two feet, not just now but in 50 years' time."
Declining to comment in detail, Dana Arnold, chief executive officer of the other bidding company, said: "Pacifica Ventures looks forward to a full discussion with the community in the future, should we be the winner in the bidding process."
Leader of the council John Graham announced the likely extra legal bill of £50,000 on Tuesday. He said: "There's clearly going to be a transition period between the tender of the lease and when they a new firm take over.
"This proposal is for help as we go through that period."
He also said the prospects of the UK film industry was virtually double' what it was this time last year. Ideally we would have found a tenderer 12 months ago, but we are hoping that given the buoyancy of the market place, we will be successful this time."
thisishertfordshire.co.uk/Emma Hutchings
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13/Jan/07, 12:42 am
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John163
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Re: Final bids for Elstree studios
Madush Gupta,with a name like that I hope its not going to be a UK Bollywood film studio.
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Watch for the sign of The Saint, he will be back.
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23/Sep/07, 9:14 pm
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