A senior Labour minister has pledged his personal backing to help revive Sunderland’s ambitious Crown Works film studio project, after a key private investor pulled out earlier this summer.
00:00A senior Labour minister has pledged his personal backing to help revive Sunderland's ambitious Crown Works film studio project after a key private investor pulled out earlier this summer.
00:11Business Secretary Jonathan Reynolds, who was born in nearby Hootinley Spring, says he will do anything in his power to help secure new investment for the £450 million development,
00:22which aims to transform the banks of the River Weir into a major film and TV production hub.
00:28The Crown Works project has been backed by Kane International, but the US-based financer withdrew its support, putting the scheme expected to create more than 8,000 jobs at risk.
00:39Despite the setback, Reynolds insists the government remains fully committed.
00:44Speaking during a visit to Gateshead, the minister said the project was a hugely ambitious and exciting programme and praised the vision of local partners, particularly Fulwell 73.
00:54There has been significant government money pledged, we're not just offering verbal support, Reynolds said.
01:01But projects of this scale require large amounts of private capital, and I know the team is working hard to secure that.
01:08The government has already invested £25 million in Crown Works through its North East Devolution deal,
01:14while local councils have pledged up to £120 million in public funding.
01:18Now the focus turns to attract a new backers to replace Kane.
01:23Reynolds said he would join North East Mayor Kim McGuinness and Sunderland City Council in promoting the scheme to potential investors,
01:31using the Office for Investment, which he co-sponsors with the Chancellor.
01:36Prime Minister Sir Keir Starmer has also thrown his weight behind the development,
01:40telling reporters we will do anything we can to see this project come to fruition.
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