State quietly sells 38% share in Ardmore Studios - John Brady TD
Sinn Féin TD for Wicklow/East Carlow, John Brady TD, has raised serious concerns at the sale of Ardmore Studios in its entirety to Olcott Entertainment Limited.
Speaking this afternoon, Teachta Brady:
“It came as a surprise to many back in October 2016 when Ardmore Studios was put on the market to be sold as a going concern.
"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.
“The State had owned a 32% share in Ardmore Studios and at no stage was it confirmed by anyone in Government or in Enterprise Ireland that the State’s shares were also to be sold.
"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.
"The lack of transparency on the sale of State shares is alarming.
"Ardmore Studios have been hugely successful in Bray and it is paramount that this success is continued in Bray.”