Carnaby Productions is aiming to raise up to £5m through an enterprise investment scheme (EIS) to finance Spivs, a comedy film set in London's East End.
This EIS follows in the footsteps of Carnaby Films, a previous EIS which was used to finance A Flight of Fancy, a film which starred Maureen Lipman, Samantha Beckinsale and Samantha Janus. The company hopes to create a database of EIS investors who might want to invest in more Carnaby productions at a later date.
The production team for Spivs is already in place and this includes producer Hamish Skeggs, casting director Lucinda Syson and editor Alan Strachan. As the script for Spivs is still being developed, nobody has been cast in any of the roles. However, actors who are reported to be interested in appearing include Michael Greco, who played Beppe in EastEnders.
The company plans to generate revenue through cinema, video and DVD releases, as well as merchandising, soundtracks and airline screenings. It will employ an international sales agent to promote the film outside the UK.
Investors in this EIS are likely to be those looking to take advantage of the tax breaks available through investment in the British film industry. To encourage more investment, the Government now allows investors to get a tax deduction of up to 100 per cent for the cost of producing or buying British films with budgets that do not exceed £15m.
This may generate interest among investors, but it is also likely to generate increasing competition for investors as more companies adopt the EIS route.