Fountain Studios, Wembley Park Road
In the year to the end of September, Fountain made a loss of £300k on sales of £5.3m, around 4% of the parent company, Avesco's, turnover.
It is likely that the Studios will eventually close with the loss of local jobs, although it is reported that a leaseback agreement has been agreed for a unspecified period. Presumably that will enable the Studios to fulfill any contracts already signed. Local businesses, including restaurants and pubs, will also lose out with the loss of custom from the production audiences.
Quintain is likely to build housing on the site with some retail on the lines of the ALTO development further down the road. Given the location and Quintain's aims to maximise profits these are highly unlkely to be social housing.
Quintain itself was taken over the Texan Lone Star Real Estate last year for £745m.
Local landmark Fountain Studios has been sold to Quintain for £16m. The studios have been used for Britain's Got Talent and the X Factor and excited queues of fans, some on step ladders to see over the fence, are a familiar sight in Wembley.
In the year to the end of September, Fountain made a loss of £300k on sales of £5.3m, around 4% of the parent company, Avesco's, turnover.
It is likely that the Studios will eventually close with the loss of local jobs, although it is reported that a leaseback agreement has been agreed for a unspecified period. Presumably that will enable the Studios to fulfill any contracts already signed. Local businesses, including restaurants and pubs, will also lose out with the loss of custom from the production audiences.
Quintain is likely to build housing on the site with some retail on the lines of the ALTO development further down the road. Given the location and Quintain's aims to maximise profits these are highly unlkely to be social housing.
Quintain itself was taken over the Texan Lone Star Real Estate last year for £745m.
