00:00Plans for a major film and TV production hub in the North East are at a crossroads after one of its key financial backers pulled out.
00:08The ÂŁ450 million Crownwork Studios in Sunderland, originally backed by Fulwell Kane, a partnership between Fulwell 73 and Kane International,
00:17is now being actively marketed for new investors following Kane International's withdrawal.
00:22Healed as a transformative project for the region, the studios were expected to deliver 19 soundstages, thousands of jobs in a thriving creative industry on the banks of the River Weir.
00:34While building work has yet to begin, preparatory landworks near the Northern Spire Bridge are already underway, funded by public money.
00:43Despite the setback, Sunderland City Council and the North East Combined Authority say they remain confident in the scheme.
00:50A specialist investment agent is being appointed to secure new private funding, with Fulwell Entertainment, known for the Sunderland Till I Die Netflix series, still closely involved.
01:02The government has already contributed ÂŁ25 million through the region's devolution deal, with up to ÂŁ120 million in public funding now committed.
01:11North East Mayor Kim McGuinness said the site should become the largest production facility in the UK outside of London and the South East.
01:19helping end the trend of young creatives leaving the region for work.
01:23Industry interest in the North East is growing rapidly, production is up 131% in the past three years, according to North East Screen,
01:31and the recent blockbuster 28 years later was filmed largely in the region.
01:36Alison Gwynne, CEO of North East Screen, said,
01:39we are now excited to be looking for the right investor for the next stage of our region's growth.
