Boasting six sound stages, including a 30,000 sq ft stage described as the world’s largest fully encapsulated virtual production volume, Stage Fifty opened its second film studio site in the UK at Winnersh Triangle, Thames Valley in November 2021. Last year the studio was given approval to expand with a sound stage, accommodating two new studios.
Those plans may now be in jeopardy following the announcement that Interpath Advisory were appointed joint administrators of Stage 50 Limited and Winnersh Film Studios Limited on 2 April 2024.
Trading at the Company had been impacted by the recent writer and actor strikes, which ultimately had a detrimental impact on cashflow. Consequently, the senior secured lender, SCIO-Fund SICAV-FIS, took steps to stabilise the business, including seeking the appointment of administrators.
Greg Branch, director of SCIO-Fund SICAV-FIS and CIO at SCIO Capital, commented: “We remain fully committed to Stage 50’s model and vision of creating high-quality, innovative spaces for television and film makers. Our priority is to stabilise the business and put in place a foundation upon which Winnersh Film Studios Ltd can move forward.”
Nick Holloway, managing director at Interpath Advisory and joint administrator, said: “The Companies will continue to operate as normal while we assess their position.”
For the avoidance of doubt, the other legal entities within the Stage 50 group are not currently in administration and continue to trade as normal.
When it opened, the Winnersh site was predicted to bring an estimated £50 million boost to the local economy, and generate 500 new jobs. It also includes 25,000 sq ft of offices and 50,000 sq ft of workshops.
