Hertsmere Council is set to discuss the report at a meeting next week. It is therefore important, the report continues, the council begins “exploring alternative options aided by an external consultant.” But it says Hertsmere cannot continue to invest in the studio because it “needs to diversify its investment to mitigate financial risk to its local tax payers in the event of a downturn in the film industry.” The report says the site of the studios is worth between £40 million to £100 million for residential use while the Elstree Film Studios brand is “worth a substantial sum.”Īccording to the report, revenues from the studio account for 20% of the council’s ongoing revenue budget. Other options including seeking external investors, leasing the studio out longterm or potentially even re-developing the site. It proposes the council hire a film consultant at a tune of £90,000 to advise on the best way forward because, according to the report, neither the council nor the studios have the funds to carry out the necessary works. The report, which is titled “Procurement of a Consultant – Elstree Film Studios Strategic Future – Way Forward,” also states that flooring, windows, electrical wiring and mechanical plants needs to be replaced and the IT infrastructure needs to be upgraded.
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