Read quits Wimbledon Studios

Piers Read, MD of UK prodco and facilities provider Wimbledon Studios, has resigned after clashing with the company’s owners, Panther Securities.

Read has been seeking to complete a management buy-out of the company since last year and put out a call for £3m (US$5.1m) worth of investment to fund the expansion and upgrade of its facilities in November.

He said the expansion was planned to meet the increasing demand for studio and office space in the UK capital.

Read added that he has been in negotiations with potential investors to fund the £6m (US$10.2m) refurb and expansion and has secured funding from multiple interested parties.

However, he said that Panther Securities PLC has “resisted making a decision” on his £10m offer for the freehold, “leaving the future of the studios still in doubt.”

David Smith, company secretary and financial controller has also resigned.

Read added: “We fundamentally disagree with the direction our parent company and freeholder, Panther PLC, wishes to proceed. We believe this direction will kill Wimbledon Studios as it is known today, and we have no desire to be party to that.

“We feel this not only undervalues the work and success that has been achieved by the staff over recent years, but also fails to take advantage of the huge opportunities that currently exist.

“With studio space in London now at a premium, following the closure of a number of our closest competitors, the UK TV and film industry is in desperate need of exactly the type of facilities that Wimbledon could offer.”

Wimbledon was previously known as Merton Film Studios, owned by Talkback Thames and home to long-running ITV soap The Bill. Read took over the building in 2010 and launched it as Wimbledon Studios.

Scenes from feature film The Iron Lady were shot there and it’s currently home to BBC3’s Tiger Aspect comedy Bad Education.

Panther Securities could not immediately be reached for a response at press time.