Hugh James has advised Great Point Studios on the purchase of Seren Studios from the Welsh Government in a multimillion-pound deal involving funding from the Cardiff Capital Region (CCR).
In an announcement made by the Welsh Government, the purchase has been hailed as “yet another show of confidence for Wales’ flourishing film and TV industry”
In addition to the sale of the site, the Welsh Government and CCR have agreed a funding package of £18m to further develop the studios and facilities in Wentloog. A total of £12m debt finance has been secured through the CCR’s £50m Strategic Premises Fund, with £6m in grant funding through Creative Wales. Great Point Studios will further upgrade the studio to create a self-sustaining, world-class studio facility that will support increased production demand and also create jobs, wealth and growth for the wider supply chain and region.
The Hugh James team advising Great Point Studios was led by Partner Caroline O’Flaherty and supported by specialist teams from across the full-service firm headed up by Partner Dominic Marshall (Head of Banking), Ioan Prydderch (Head of Construction) and Aled Walters (Corporate and Head of Commercial).
The firm’s multi-disciplinary expertise combined with an unrivalled reputation in the media and entertainment sector in Wales, bolstered by several top ranked lawyers in the Legal 500 UK directory, ensures Hugh James clients receive the highest level of legal representation and strategic advice across all their business needs.
Speaking of working with Hugh James, Director at Great Point Studios Jeff Collins commented:
“This was a complex multi-party deal which encompassed international partners, construction contracts, commercial and corporate arrangements and a large property purchase. Hugh James acted for us in all areas and their expertise, knowledge of the sector and the stakeholders involved was not only invaluable to us but also a large factor in completing the arrangements in a timely manner.”
Commenting on the announcement, Caroline O’Flaherty from Hugh James said:
“We were thrilled to be able to support Great Point Studios on such a significant transaction, both for the studios themselves and in the context of Wales’ thriving film and media industry. As a result, Wales will have a premium offering in the creative sector.”