Troy Studios set to get production underway having received a large sum of money for the company behind the facility.
Troy Studios Limited, which has leased the old Dell building in Castletroy from Limerick City and County Council for the purposes of transforming it into a major film and television production hub, has reportedly received €2.7m in a recent funding.
Company filings show that Troy raised an investment of €1.5m through Fifcon Nominees, based at the offices of law firm Matheson in Dublin, plus a separate funding installment of €604,000 and two investments of €300,000 through other companies and financiers.
Planning to refurbish the former Dell building were given the all clear in December. The refurbishment is said to be underway following the unanimous approval by councillors. Troy Studios intends to be a fully-fledged leading studio facility to cater for film and TV productions by July or August of this year at the latest.
At the latest meeting of the council, approval was given for a loan from the council to a company – 100% owned by the council – called LCO Enterprise Development Limited to “promote the development of a film studio in the former Dell building”.
Siún Ní Raghallaigh, Ossie Kilkenny and John Kelleher from Troy Studios signed the 20 year lease agreement to take it over and develop a media hub for film and television production.
Siún Ní Raghallaigh, Ossie Kilkenny and John Kelleher are also key figures in Ardmore Studios in Wicklow, where series such as Penny Dreadful and Vikings are filmed.
Conn Murray, Limerick council boss has previously estimated that the facility could result in a €70m spin-off for the local economy, creating upwards of 750 jobs, projections which the council boss stood over when contacted for comment this week.
“Limerick City and County Council is delighted to be working with Troy Studios in facilitating the company in its plans to establish a significant media hub for film and television production in Limerick,” he said.
“The proposed development presents a diverse range of opportunities for the wider arts, crafts and culture sector in the Mid-West region, and particularly those undertaking third level digital media courses in Limerick.”
The studio is likely to employ a staff of up to 500 people during production, which will typically last 3-9 months depending on the project. It is anticipated that, of these, 350 would be full time staff and 150 would be extras on a typical production.
Troy Studios are said to be “very excited” about the project and the “superb site” they have signed a lease on.
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