£50m hope (From Penarth Times)

£50m hope

THE Penarth entrepreneurs behind the idea to start an international film festival centred on Penarth Pier say they have secured 50 million in backing from a leading investment bank to realise their dream.

Peter Ferris and Danny Chang, owners of media company Nutopia Chang, have now submitted a tender to the Vale of Glamorgan Council as part of the process which will determine the future use of the Pier Building.

A council spokesperson said: "The Pier Pavilion is being marketed on the Council's behalf by King Sturge, who are still receiving expressions of interest and therefore have not closed the bidding process as yet.

"The Council expects to be able to report to Cabinet in July. At this stage the Council does not feel it appropriate to comment on the number of expressions of interest received."

A film festival is only part of the pair's ambitious plans to turn Penarth into a festival town and centre of excellence for media and the performing arts.

Their proposals to the council involve turning the pier building into an 800-1,000 seat cinema and theatre, as well as constructing a new building at the Kymin end of the Esplanade that would house a public car park, a film and television academy and a restaurant.

Nutopia estimate that revamping the Pier building would cost 10-15 million.

Peter Ferris said: "We have put two years of hard work into this bid. Now we've succeeded in securing massive financial backing for the project.

"We believe that the pier building should remain in the hands of the people and we are quite happy to invest on a long-term lease basis.

"We estimate the total cost, including the new building and marketing the festivals, will run to 35-45 million."

Their plan is for Penarth to host four major festivals a year using other venues in the town such as The Washington Gallery, The Turner Gallery, The Paget Rooms, and the two main rooms in the Conservative Club and the Italian Shelter on the Esplanade.

Apart from the film festival they plan a Welsh fashion week, a Welsh Comedy Festival and a Welsh Jazz Week.

Another key part of the Nutopia scheme is a film and television academy.

The company want to train students in all areas of film, television and the music industry including, acting, directing, screen writing, presenting, documentary making, lighting, set design and building, singing, dancing, recording studio technique and performance skills.

The building will therefore include acting studios, singing and dance studios, television studios and design workshops.