HUNT ON FOR NEW INVESTMENT AFTER FINANCIERS WALK AWAY

NEW investment is being sought for a flagship film studio plan in the North East after its initial backers pulled out.

- By DANIEL HOLLAND

It has been hoped that the Crown Works Studios in Sunderland would create thousands of jobs and bring blockbuster film and TV production to the region.

But Sunderland City Council and the North East Combined Authority are now looking for fresh investment to ensure the studios can be built on the banks of the River Wear, after financiers Cain International withdrew.

Local leaders say they “remain confident” in the scheme’s future and that they expect to have new funding in place before the end of this year.

The vision for the vast £450m complex was originally led by FulwellCain, a joint venture between global entertainment company Fulwell 73 and Cain International, who had hoped to build 19 sound stages at the riverside site.

Sunderland City Council said on Monday that Fulwell Entertainment “remains a committed champion of the scheme”, but that the proposals were now “being presented to the investment market, with the aim to put in place a final funder and developer later this year”.