Failed sale of famous studios cost taxpayers £430k

The Bottle Yard Studios in Bristol is known for TV and movie production

The aborted sale of the council-owned Bottle Yard Studios cost Bristol taxpayers £430,000, it has been revealed.

Bristol City Council wanted to privatise the TV and film studios, but the plan fell through in July when a three-month period for negotiations with the preferred bidder expired, the Local Democracy Reporting Service reported.

Actors union Equity opposed the sell-off of the production centre, which has been used by the BBC, ITV, Amazon, Netflix and Paramount.

Labour Councillor Tim Rippington submitted a question to a recent meeting asking how much city hall had spent on the "failed attempt" to sell the studios in Hengrove.

The BBC, Netflix and Amazon have filmed at the studios based in Hengrove

After the meeting, Mr Rippington said: "The Bottle Yard Studios is the crown jewel of Bristol's creative industries, having recently won the title of the most sustainable TV and film studio in the world.

"The former Labour administration considered options for the future of the Bottle Yard Studios, including a potential joint ownership model that would raise private investment whilst ensuring the city has a stake in its future.

"Whilst my preference is for full public ownership, this option was worth consideration.

"It did not decide to push ahead with a total privatisation, as the Green-led administration has done.

"The Greens' pursuit of full privatisation, which we opposed from the start, racked up the bulk of these costs – the taxpayer will foot the bill.

"£430,000 would have made a world of difference to our local libraries, street cleaning teams, or local authority schools.

"Fortunately the Greens' privatisation project seems dead.

"Let's hope they don't resurrect it."

Sustainable future

Bristol City Council leader and strategy and resources committee chairman Councillor Tony Dyer said: "I'm grateful to officers who have, since 2023, engaged with and undertaken the detailed process of taking the studios to market and negotiated on a potential sale with bidders.

"This was a necessarily lengthy process to ensure all possible factors were considered and that an extensive level of due diligence was carried out throughout.

"Since we failed to reach an agreement on sale in the summer, officers have been reviewing the options for maximising the value and benefits of the studios.

"Further discussion and consideration of the options will take place at committee at a later date.

"Our aim remains the same – to secure a sustainable future for the studios and the opportunity to grow into its huge potential."