Veteran UK programme-makers Bill Cran and Clive Syddall have launched tax-based financing scheme Apollo TV & Film Partnerships.
The venture aims to bankroll films, TV projects and documentaries qualifying as British and budgeted at up to $21m, thereby qualifying for 100% tax relief under UK regulations. Barclays Bank may arrange additional financing depending on whether projects meet certain criteria.
Although Barclays would not reveal the criteria, Apollo will only finance films with a licensing or sales agreement in place. Cran and Syddall take up the positions of joint managing partners of the scheme's management operation, Apollo New Media. Greg Dinner acts as creative consultant.
The venture aims to cash-flow production from day one, an increasingly common activity amongst UK tax-based financing schemes. The operation expects to provide up to 10% of budgets.
Cran and Syddall's recent credits include HBO movie Hostile Waters, Plague Wars and Wallis Simpson: The Demonised Duchess. Cran is based at Invision, Syddall at Paladin Pictures.