New chapter in studios' history

The home of TV programmes such as Big Brother and Dancing on Ice and the setting of world blockbuster films is set to be run by an international specialist asset management and development company with expertise in the entertainment industry.

Hertsmere Borough Council, at a special Executive meeting on 31st January, approved the proposals for California-based Pacifica Ventures to take over the lease of Elstree studios in Borehamwood following a comprehensive tender process.

Pacifica Ventures already runs a host of film and television facilities across the world and was selected by Hertsmere Borough Council after unanimous support from a cross-party panel.

Cllr John Graham, Leader of the Council, said: "The meeting was a very important moment for the history of the studios and is fantastic news for Hertsmere. We were hugely impressed by the quality and calibre of the proposals made by Pacifica Ventures for the future of the studios and we are looking forward to working closely with them."

Dana Arnold, Chief Executive Officer of Pacifica Ventures, said: "We are delighted that we have been successful in our bid. We are very excited about the opportunities this provides and look forward to developing the site into a world-class centre of excellence for the film and television industry."

Elstree studios opened in 1926 and was for many years owned and operated by Associated British Picture Corporation, which also owned the ABC Cinema chain. In 1948 Warner Brothers acquired a substantial stake in ABPC whilst in 1969 EMI bought a controlling interest. After 1986 the Studios passed through the hands of Cannon and Goldcrest before finally being bought from the Brent Walker Group by Hertsmere Borough Council in 1996.

The presentation by Pacifica Ventures which was made at the meeting can be viewed on line at www.hertsmere.gov.uk

The exact details of the lease will be agreed over the coming days.

For a full history of the studios visit www.elstreefilmtv.com
For details of Pacifica Ventures visit www.pacificaventures.com
To contact Pacifica Ventures in the first instance please email Matt Rauchberg at matt@pacificaventures.com