Forum Topic

What's next for Riverside Studios?

Could somebody explain to me exactly what 'going into administration' means for the Riverside Studios? Is it still going to be able to operate as before or is this one step away from full closure?It would be hugely disappointing if it was lost. I had just picked up on what a great location it was to go to the cinema and the ticket prices were reasonable. I'd also been in the audience for the recording of some TV shows.Perhaps tellingly, I never went to a play there. Often I only found out things were on after the fact and when I was aware the cost was in excess of productions at the National Theatre. If it survives I will try and make a better effort to find out what is on.

Felicity Caborn ● 1264d22 Comments

With you there Felicity. Let's hope it survives.

Adrian Irving ● 1264d

This might answer your questionhttps://companieshouse.blog.gov.uk/2019/02/27/what-does-going-into-administration-mean/but it leaves a lot of ifs and buts regarding specific cases.I too hope it survives.  Bet Sam Harrison does too.

Alastair Banton ● 1264d

While not being an expert on this, all I know suggests there is cause for optimism about the centre's future.Going into administration will mean it can be run as a going concern and the money that it makes doesn't have to be given to its creditors. It is a fantastic facility and I can't believe nobody will come forward to make a go of it.Assuming it makes money before having to pay debt and interest costs, then at some point it will end up in the hands of new owners. This isn't likely to be the council as they already support the Lyric. It may be a commercial operator.I know the Riverside did do some community activities but all the times I went there was for the cinema so I'm not sure what will be lost if the new owner has a more profit-orientated approach.

Francis Rowe ● 1264d

I used to advise about this for 20+ years.Most administrators will look to save the business by quickly selling it to a third party, if that results in more money coming in than closing it down and selling the assets piecemeal.  It would be unusual for administrators to trade the business for more than a couple of weeks to drum up buyers, longer than that and the administrators can be personally liable for losses. If there are viable buyers in the wings I suspect there will be a sale announcement shortly

Justin Stephenson ● 1264d

Im having a stab that the issue is the film and tv studios.Others are opening,others are busy and the likes of say ealing studios are once again very much is demand.

Julian Pavey ● 1264d

Thank you all. That was helpful and reassuring.Interesting to hear Julian raise the issue of the TV studios. A show I used to like to watch being recorded switched to the Riverside from Television Centre, with the Hammersmith venue being much better from a audience perspective. However, after one episode it switched back and I always wondered why.

Felicity Caborn ● 1263d

While I understand peoples keenness to see the Studios survive, so that they will be hoping that entering Administration can save them, they should not forget that Administration brings with it a cost.Namely that if a new entity should emerge from Administration, creditors will often get only a tiny fraction of what they were owed.And for a venture like these Studios, a lot of these creditors are liable to be small, local, independent businesses themselves. (Hope I'm wrong, obviously)

Richard Cathcart ● 1263d

Love the Studios but a bit of a hidden gen. They need to do far, far more to promote the magnficient offering they have, especially as they are a long way from the main roads so people are unlikely to find them just by passing. Lots of people I know in London have never heard of them.

Claire Moran ● 1263d

I suspect that part of the Riverside’s problem is that the age group that would normally comprise the bulk of their customer base is exactly the one that is most feeling the pinch economically, those with increased mortgages and so forth.

Alastair Banton ● 1262d

Also with fewer workers coming into London they may need to increase their advertising/profile.  They were a building site for so long in this iteration plus the pandemic that I have to admit we've only just started going out and I've only looking at what's on.  Pooh Bear caught my attention!

Philippa Bond ● 1261d

First article:http://www.chiswickw4.com/default.asp?section=community&link=http://neighbournet.com/server/common/riverside031.htmSecond article:http://www.chiswickw4.com/default.asp?section=community&link=http://neighbournet.com/server/common/ldrshfriverside001.htmIt seems to be a Dr Who day today.I hadn't realised it was made at Riverside.

Philippa Bond ● 1260d

All Mayor Khan wants is a bit of kudos from the literati for feigning an interest in Riverside Studios.  No-one can seriously think he will achieve anything.There should be a lot more support for cultural venues from local commerce – especially from such as property developers like Earls Court Development Company – who should be paying back into the community for the profits they are hoping to cream off.  This is not just CIL or Section 106 money but sponsorship – even with naming rights on the spaces maybe.Riverside Studios’ contribution to the regeneration of the river front and of the area generally cannot be over-estimated – as its future contribution should not be either.I have skin in this game, I was that snotty youth sent by LBH&F Architects Department, much of a lifetime ago, to inspect the Studios after the BBC had abandoned the place, with the remit to advise on viability/desirability of H&F taking it on as a local centre.  They did, it has worked, and it ought to continue.

Robert Shaw ● 1258d

Administration of course means the studio is still "alive "but usually the creditors each will have to accept a pennies in the pound offer for the debts they are owed.It's all over if it goes to liquidation.We need to be careful of the real "residential property developers" who are just waiting  to come in buy the freehold and carry out an upperclass development to the site like the numerous other sites along already dotted along the river and each flat will then be worth well in excess of 1 million with beautiful fixtures included.Chelsea Harbour is a good example.A new planning permission will be obtained and it will contain affordable housing provisions so part  of the site will then be sold to a Housing Association who will be given their own separate entrance and a  group of their flats will be allocated away from public view and  the river.An MP's help and  dutiful praying is now required.I do hope an arts millionaire can contribute.

Tony Antares ● 1258d

And I was working as a young temp at Roderick Ham's practice typing notes onto drawings on an A3 typewriter.  Will Alsop was also working there on the Theatre Royal York at the time. He'd previously worked on Riverside Studios.

Philippa Bond ● 1257d

There is no chance whatsoever of the building being converted into housing. The new site has flats above which are all now sold and it wouldn't be practical to get a change of use for the ground floor level.There is reason to think that small businesses and freelancers supplying the centre have been paid as the continuing operation depends on them.One cause for concern is the earlier comment in which it was mentions recordings were switched to other venues which could suggest there have been problems paying freelancers for some time and they have refused to work at the centre - this is however speculation.The most likely outcome seems to me that a commercial theatre/studio company takes over.

Jeremy Parkinson ● 1256d

The extended closure of Hammersmith Bridge won't have helped matters.

Bruce Hammal ● 1256d

I don't really feel as if it has had enough time to get going properly again.  It was quite a controversial rebuilding.https://www.facebook.com/RiversideStudiosLondon/Anybody been to see the new Winnie the Pooh musical?

Philippa Bond ● 1256d

The flats above Riverside Studios may hsve been sold but sre they actually occupied or are they like a lot of other riverside flats just investment properties?

Philippa Bond ● 1255d

If they are investment properties then they are likely to be occupied as the investor will be expecting a yield. Nobody is buying properties these days and leaving them empty to flip in the expectation of capital gain.The occupants of the flats did manage to block Sam Harrison's garden marquee so there are certainly some people living there but if you go past in the evening you should be able to get a good idea of occupancy based on the number of lights on.

Jeremy Parkinson ● 1255d

I used to go to the “old” Riverside Studios cinema, when they had double bills on a Saturday afternoon. The programming seemed more imaginative and eclectic back then and the cinema was often full. The first (and only) time I went to the new - and very good - cinema there were only a few people there. Maybe it’s partly due to the changes in releasing policies from the distributors which have made it harder to find interesting new films in the cinema, but the current film programme there has lost that spark that the old one had. I hope they survive and get their mojo back.

Norman Redfern ● 1255d

I haven't gone past Riverside Studios at night recently but I did walk along the riverside at Imperial Wharf some months back in the evening and it was staggering how many of the flats had no lights on.  Hence my question!

Philippa Bond ● 1255d

I've just seen details of the Tarantino Live show which they are hosting through the summer. That's quite a coup for the venue and could be a real money spinner if it is good and they have got a good deal on revenues. Not sure it will be my cup of tea, I'm not a fan of his films with the exception of Pulp Fiction but I know lots of people are and will be keen to see this show. That should mean the venue is profitable before it has to pay its interest costs.

Felicity Caborn ● 1250d