FilmFour closure will mean 'significant job losses'

Channel 4 have announced that their filmmaking arm, FilmFour Productions, is to close threatening the jobs of its 59 employees.
It was revealed that FilmFour has been losing money in the last two years, despite the record of churning out a series of successful films in the 80's and early 90's. However, the company, which had been operating on its own terms since 1998, had hit hard times and 'East Is East', released in 1999, has been the only standout success of late. The company will now be brought back within the control of the parent company as FilmFour Lab.
Channel 4 boss Mark Thompson said: "We are moving away from our recent focus on larger-budget, international projects and towards producing the kind of cutting-edge British films that have been part of Channel 4's cultural and creative success of the last 20 years.
"Finding and supporting new talent will remain a priority, which is why we will continue to back our experimental, low-budget unit, FilmFour Lab."
In its restructured and reduced role, there will be "significant job losses" in the short term and the restyled production division will have an annual budget of £10 million - a third of the budget it had previously enjoyed. FilmFour's distribution and sales divisions will be closed in the restructuring which has now been put out for the statutory 30-day consultation period.
FilmFour produced a number of acclaimed and profitable films, and pushed the talents of British filmmakers onto a global footing. ITs output included 'Four Weddings And A Funeral', 'My Beautiful Launderette' and 'Trainspotting', films which also launched the careers of Hugh Grant and Ewan McGregor, amongst others.
However, the company’s recent productions failed to attain a similar stature internationally, and bigger-budgeted productions such as 'Charlotte Gray' failed to meet expectations. It is understood that the flagship British independent production company found it increasingly difficult competing with the long-established studios giants of Hollywood.
Current FilmFour chief Paul Webster has already ruled himself out of the running to head FilmFour Lab.
Channel 4 have said that they will continue to support the projects currently on the FilmFour books.
FilmFour Productions, www.filmfour.com
(GMcG)