The historic film studios used for hits War Horse and The Iron Lady have fallen into administration.
Twickenham Film Studios, based in south-west London, succumbed to insurmountable debts, with half of its 17-strong workforce being made redundant.
Gerald Krasner and Julian Pitts, partners at Begbies Traynor, were appointed as joint administrators for the studios.
Krasner explained: “It was losing money for the last three or four years and losses just got higher and higher.
“It was funded in part by the shareholders who paid money in and they have come to the end of the road and decided to sell it off and get their money back.
“People were no longer shooting the whole film on site, just mostly editing.
“For the films that do well the money goes to the producers, the directors and the actors – not the studios where they’re edited.
“The remaining staff are working through their notices.”
On opening in 1913 the film studios were the largest in the UK and soon became involved in a host of classic films.
Sherlock Holmes’ The Missing Rembrandt was shot on Twickenham’s stages in the 1930s.
In the 1960s renowned films such as Alfie, The Italian Job, and Roman Polanski’s Repulsion, as well as the Beatles’ Help and A Hard Day’s Night” were filmed there.
Most recently, Steven Spielberg’s War Horse was shot at the studios while director Phyllida Lloyd completed post-production of critically-acclaimed The Iron Lady at the site.
The studios’ old viewing theatre and wardrobe department were also recently used for My Week with Marilyn starring Michelle Williams.
Film and television production at the studios will be wound down in the coming months, before the anticipated sale takes place.
Krasner added: “This is an administration where I am putting my neck on the line – I am certain everyone will be paid in full.
“We have a preferred bidder at the moment and we are negotiating with them – we are hoping to exchange contracts at the end of March and complete the sale by the end of September.
“But there are a few other interested parties waiting in the wings.”
By Andy Pearce
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