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Lights, camera, action for Towers EIS

Towers of London is an enterprise investment scheme that aims to raise £10m to finance a number of films.

The company was founded in 1946 by Harry Towers and has produced 100 films including Agatha Christie&#39s &#39And Then There Were None&#39 starring Sir Richard Attenborough, &#39Dracula&#39 starring Christopher Lee, and &#39Bullet to Beijing&#39 starring Michael Caine.

The company has remake rights to a number of well-known films and radio series it developed in the 1940s and 50s, including Orson Wells&#39 &#39The Black Museum&#39. It currently has 27 films in development and around 80 per cent of funding already in place from other sources. This work in progress includes a version of &#39Moll Flanders&#39 based on a screenplay by Ken Russell and a film about the writer Ernest Hemingway, starring Martin Sheen.

The money raised by the EIS will be invested across a range of productions designed for mainstream markets. Towers of London says it cannot guarantee each individual film will be a box office hit but that this is less important than making more money from the films than they cost to make.

Its strategy of producing films back-to-back is designed to improve overall returns due to economies of scale, shared overheads and a consistent income stream through cinema release, airline screenings, video and DVD. The company says this approach would also benefit investors, since they would not be putting all their eggs in one basket and the chances of stumbling across a hit like The Full Monty are increased.

The company aims to maximise returns for shareholders by getting involved in productions at an early stage, but this also means the company could initially make losses and investors may have to wait a long time for profits to come through.

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