Film-makers back £50m fund

Film-makers back £50m fund

By Darren Waters BBC News Online entertainment staff

Some of Britain's most prominent film-makers have given their backing to a film fund which hopes to become the UK's first "virtual studio".

The Monument Film Fund wants to raise £50m, rising to £136m, from investors to offer "long-term financial support" to British feature films.

More than 20 producers have committed to using the fund, including Iris director Richard Eyre and Shakespeare in Love producer David Parfitt.

Harry Potter was funded from the US

The producers will give the fund first refusal of all films they produce until June 2005.

The fund aims to back only films that are "commercially viable and intended for theatrical release" and will finance movies that are approved by its advisory board.

Producer David Parfitt, who also sits on the board, said: "From the outside Monument will look almost exactly like a film studio or production company."

The board will projects ideas and will recommend to financiers which should be backed.

'Committed'

"We will look at everything from scripts to ideas and it is not a closed shop," said Mr Parfitt, who also produced The Madness of King George and Frankenstein.

We expect a flood of scripts at the start

Charles Armitage

"Although about 20 producers have already committed to Monument - the door is not closed on anyone."

Producer Charles Armitage, who sits on the board, said: "It's a one-stop shopping fund where there are development monies, production monies and it will maximise income from the films - from things such as ancillary rights.

"The joy of Monument is that you can literally start with acquiring rights to a book. It will give you money to develop the script.

"They can also help with a sales agent and distribution. It is very producer friendly."

Mr Armitage said: "I have seen a number of scripts that have a great opportunity at the box office and beyond.

'Great product'

"We expect a flood of scripts at the start. But we have seen many of these already and know why they have not been made."

"But there is great product around," he added.

He said the fund could tempt some of Britain's strongest TV writers to move into film.

"There are writers in this country who have got as far as they can in TV.

"With an advisory board like Monument's these witers can find a very nice home in film.

"Advertising in TV is down and so are budgets. These writers are looking for a new medium."

'Edge'

Gail Egan, producer of the Golden Globe-nominated film Nicholas Nickleby, said the scheme was unusual in that it was offering to finance up to 50% of the production budget, when most schemes offered only about 30%.

Adam Minn, from Screen International, said the backing of such a large number of producers gave the fund "an edge".

"There are probably not enough films to go around with the number of schemes that are currently available and tying producers to the fund is a sensible move."