Quintain raids Wembley Park assets and grabs popular broadcast venue Fountain Studios.
Avesco the company who owns Fountain Studios known for X-Factor and Britain’s Got Talent has sold the property for £16m in cash to Quintain the developers behind Wembley Park.
The increase in rents in the area are not just affecting small businesses but larger ones too with Fountain Studios left with little choice but to sell-up to turn-around its balance sheet. It’s a sad time for staff as redundancies will follow due to the disposal of the well-known television studio.
Following the closure of Fountain Studios which could happen anytime in 2016, it will most likely be demolished and redeveloped into a lux-tower, maybe it will keep its name, ‘Fountain Court’ anyone?
Avesco Chairman Richard Murray said “Fountain Studios and its outstanding team of people have a long and proud history of television programme making in Wembley and the Studios have over the years been home to many very successful television shows. However, the physical constraints of the Wembley site have limited Fountain’s ability to grow while at the same time property values in Wembley have increased substantially”.
Reactions on Twitter to the sad news includes:
Though, shareholders took the news rather differently:
A profound change for Wembley Park, Avesco Group To Sell Wembley Studios As It Reports Swing To Profit