Take Down, a thriller starring Jeremy Sumpter [pictured] from the director of I Know What You Did Last Summer, is to be the first feature to receive investment through the Welsh Government’s new £30m ($50m) Media Investment Budget.

Take Down, directed by Jim Gillespie (I Know What You Did Last Summer), will be shot equally between Wales and Isle of Man and begins principal photography today (June 2).

The film follows a group of spoiled teens sent to a school for troubled students from rich families who are taken hostage and attemp to escape their captors.

It is written by Alexander Ignon (Ransom) with Sarah Ryan Black (Restoration) and Ed Elbert (Anna and the King) producing. Executive producers are Steve Christian (Belle), Stefan Brunner (Ghost Rider: Spirit Of Vengance) and Jamie Brown (Belly Of The Beast).

Mimi Steinbauer’s Radiant Films International is handling worldwide rights and made sales during the Cannes Marche to the Middle East (Gulf) and Portugal (Lusomundo). Square One is understood to have picked up German rights. A Company picked up CIS and Eastern Europe before the market.

The two main characters are played by Jeremy Sumpter (Peter Pan, Soul Surfer) and Phoebe Tonkin (The Vampire Diaries, Bait). It will also star Ed Westwick (Gossip Girl, J. Edgar) and rising star Dominic Sherwood (Not Fade Away).

The Welsh Government’s £30m ($50m) Media Investment Budget is available for UK qualifying film and high-end television production, through Pinewood Pictures, the UK studio’s film and TV investment vehicle. 

UK qualifying productions are required to shoot 50% of principal photography in Wales. The Welsh Government will aim to invest, on a commercial basis.

Commenting on the first investment, Economy Minister Edwina Hart said: “We want to see even more projects coming to Wales,” adding that the new fund is hoped to “help create growth and jobs in this industry”.

Steve Christian, director of Pinewood Pictures said: “Take Down is a significant milestone which will bring substantial economic benefits to Wales.”