Construction News

26/03/2018

Concerns Raised After State Sells Its Share Of Ardmore Studios

Sinn Fein has hit out after it was revealed that the state has sold its 38% share of Ardmore Studios to Olcott Entertainment.

John Brady TD said the situation is "totally unacceptable" after the sale of the state's shares was never made known.

He said: "Ardmore Studios are internationally renowned as Ireland’s leading provider of film and TV studio infrastructure and their place in Bray has always been a great pride for the people of Wicklow.

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"Despite being in regular contact with the relevant Ministers, Departments and Enterprise Ireland since October 2016, the sale of the State’s shares was never made known. This is totally unacceptable especially when all parties had committed to keeping the public informed.

"Today, through a press release, it has become known that Olcott Entertainment Limited has bought the full share capital of Ardmore Studios.

"The acquisition of Ardmore Studios was led by an individual who holds shares in Troy Studios in Limerick and this fact raises questions as to the future plans for Ardmore Studios in Bray.

"It is bitterly disappointing that the State's shares have been sold without any consultation or fore-knowledge and this is something which I will be questioning with Enterprise Ireland and the Department."

(CD)

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