London-based sales and finance company Salt (formerly Lumina Films) has signed a reciprocal first-look with Alcove Entertainment.
Salt will be given first look to take on sales for productions by the London-Los Angeles-Dubai production and finance company. Also, Salt will bring new films into Alcove for production financing.
Alcove is finalising the terms of its new film fund, which aims to provide up to 50% financing for at least five films budgeted up to $10m. Financing will come from minimum guarantees and equity, and the fund will also be set up to cash flow tax credits.
Alcove is headed by Amina Dasmal and producer Robin Fox; the company backed Mexican festival hit Cochochi.
Samantha Horley, managing director of Salt said, 'Our association with Alcove reinforces our commitment to handling a diverse slate of international projects and gives us access to an innovative financing solution for our filmmakers' projects.'
Fox added: 'we are looking forward to building on our relationship with Salt as a key element to this new venture, both in terms of access to projects and international sales expertise.'