Why the coronavirus pandemic and an entertainment industry in flux hasn't stopped the newly-launched Creative District Improvement Company from continuing to invest in U.K. studios.
was pushed back until November, kicking the first domino piece on two weeks in which Hollywood and much of the world’s film and TV industries effectively shut down as the coronavirus pandemic took hold, a new fund aimed at investing in U.K. studios was formally unveiled.
Then the COVID-19 crisis struck, and one-by-one film and TV productions across the U.K. – from big-budget features, such as, and long-running British soaps – were all closed down. Work at Twickenham – like all facilities – was put on hiatus. "I think one has to look across the valley, that’s a term we’re using a lot," says Jeremy Rainbird, who helped launch Sharon Horgan’s label Merman and set up the fund with real estate developer Piers Read, producer of hit Brit comedies. "Yes, we’re going to go deeper into this. But by the time we’re out the ground and we’re building, this thing is going to be history."
The university and hotel will be run by established institutions and brands, and Rainbird admits the coronavirus crisis might see contracts put on hold for the time being, but it doesn’t change anything on site. Right now, the industry estimate – according to Rainbird – is roughly 12-16 weeks before production will come back .
With this in mind, the $290 million Ashford studio development is unlikely to be the only investment announced by the TCDI Co. fund during the coronavirus pandemic, with Rainbird saying that its backers – a global consortium consisting of private equity and institutional money, including the British Airways Pension Fund – have actually been pushing the firm to turn things up a notch.
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