Ardmore Studios in Bray purchased by Olcott Entertainment

 

Ardmore Studios in Bray, Co Wicklow has been acquired by Olcott Entertainment in a deal led by Ion Equity  co-founder Joe Devine.

The purchase price was not disclosed but Ardmore, home of television and film productions ranging from Braveheart to more recently Into the Badlands, has in the past been valued at up to €15m.

Under the deal, Olcott purchased 68% of the stake in Ardmore from majority owners Paul McGuinness, the former manager of U2, and accountant Ossie Kilkenny.

The other 32% stake was also acquired from Enterprise Ireland who held it on behalf of the state.

In a statement, Olcott Entertainment said it planned to retain Ardmore’s employees and that Siún Ní Raghallaigh would remain in her position of CEO.

Joe Devine has said Olcott has ambitious plans to invest in and develop the facilities in Ardmore, which will ensure that it will continue to compete at the heart of the international film and TV production market.

“The drive for more content is fueled by big screen film, increasingly on demand TV and the gaming industry. When coupled with Ireland having one of the more attractive incentive schemes in the world, it makes Ardmore an attractive asset,” he said.

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