Medialease funds Goldcrest Post expansion31 October 2014
Goldcrest Post earlier this year announced its intention to “radically expand” its presence in UK post-production, hiring a full team of film and drama drama post experts and significantly upgrading its facility in Soho, London. Asset finance for the 2013 Pro Sound Awards’ Broadcast Facility of the Year‘s ambitious plan was provided by Medialease.
Goldcrest Films, founded in 1977, is a production company responsible for iconic films like Chariots of Fire, Gandhi and The Killing Fields. It formed Goldcrest Post – one of the industry’s most successful audio post houses – in 1992. Goldcrest Post also has a branch in Manhattan, New York City.
With this new project, Goldcrest Post is aiming to become “the UK’s premier one stop post-production shop for audio, picture and grading post work on feature film and high-end drama productions”.
“We have been working with Paul [Robson, Medialease managing director] and his team at Medialease for a number of years, but this major expansion of our facilities was on a much larger scale,” says Mike Georgiou, Goldcrest group FD. “Once again, their professionalism ensured that the process of project funding was well managed throughout.
“That they understand our industry is a distinct advantage, but the real key was that they were able to pull together a complete financial package from multiple funding sources. It meant that we could concentrate fully on running our business.”
“A large part of the UK post-production market’s continued growth is down to the film tax credit and, more recently, the new TV tax credit on offer to larger productions here in the UK,” adds Robson. “The first and most important element for Goldcrest’s US client base when planning a production is which countries offer the greatest financial incentives. The UK is at the top of that list.
“When the directors approached us 12 months ago to discuss their plans, my initial thoughts were surprise at the size of the plan and their desire to put both feet firmly in the film/picture finishing space. But after discussions on the financial plan and realising the absolute commitment the owners of the business had to achieving this project, we were able to provide a medium-term financing solution for most of the [seven-figure] equipment requirement. Working with this team has been fantastic and, now that we are seeing the results of the plan, it’s visually rewarding too.”
This film/picture post investment has gone hand-in-hand with an upgrade of Goldcrest’s audio post-production facilities within the Lexington Street premises, including new and updated Pro Tools HDX systems and Exigy surround sound monitoring loudspeaker system.
“The impact is going to be hugely significant,” concludes Robson. “With these elements in place, Goldcrest Post will become the first-choice complete post-production facility in London, unlocking the door to blockbuster Hollywood film productions, making both higher-margin sound work and high-margin picture revenue available.
“With its history, expertise, property and vertically integrated model, Goldcrest is uniquely positioned to becoming the ultimate talent-driven one-stop shop for feature film and high-end drama post.”