ITV Studio sale fails

A five million pound property deal for ITV’s Bristol studios has fallen through after six months of negotiations with London-based Verve Properties.

The deal would have seen the ownership of the studios change hands, but ITV would have then leased them back in order to keep its regional presence.

TheBristol Studio complex was part of a 125-year, long-term lease agreed by the independent television company TWW with Bristol City Council, a long time before ITV was created.

ITV has been trying to offload the lease of the property for around £5 million for some time, in order to raise some much needed cash.

The site has to be used as a studio or for some sort of entertainment due to a clause in the lease.