Windmill Lane Pictures, a renowned post-production studio in Dublin with a history linked to U2's early success, has ceased trading, resulting in the loss of 31 jobs. The company, facing financial difficulties and compounded by the impact of US actors' and writers' strikes, struggled to remain profitable despite efforts to restructure. High fixed costs, including rent, and the evolving demands of the visual special effects (VFX) industry contributed to its closure.
Dismay greets the demise of Windmill Lane Pictures, the post-production studio with a famous name that has ceased trading. Backers of the business include financier Dermot Desmond, whose IIU vehicle is a shareholder in parent company Mulino A Vento.
“Despite our best efforts to sustain operations, the business has become insolvent and is no longer viable in its current form,” the directors said. The board comprises non-executive chairman Brendan Binchy, interim chief executive Catherine Synnott, entrepreneur Martin Hawkes and IIU director John Bateson.
But this business has struggled. After incurring an €809,596 loss in 2019, Windmill Lane Pictures managed to deliver a €365,878 profit in 2020. That final year of profit was half a decade ago. Accounts show a €174,833 loss in 2021, followed by a €107,833 loss in 2022. There was another loss in 2023 and the company was heavily loss-making in 2024, it is understood.
Burdened by high fixed costs after a pivot to visual special effects , the company was unable to show a pathway to profit. As technology evolves rapidly, VFX equipment is admittedly expensive. But so too were other costs. Based at Herbert Street in Dublin 2, the company’s annual rent bill was in the region of €500,000. In a volatile industry, that was one more pressure point on the road to closure.
POST-PRODUCTION STUDIO FINANCIAL DIFFICULTIES WINDMILL LANE PICTURES US STRIKES VFX INDUSTRY
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Windmill Lane Pictures announces it is closing with immediate effectDublin visual and audio post-production facility has its roots in storied recording studios on Dublin quays where U2 and other major acts once rehearsed and recorded
Read more »
Dublin Fields Movie Studios Approved in South DublinPlanners have approved plans for the construction of Dublin Fields movie studios in south Dublin, which could create up to 2,800 jobs.
Read more »
Lane Etiquette: A Guide for New SwimmersThis article provides advice for new swimmers on how to navigate lane etiquette at the local pool, emphasizing the importance of respecting others' space and swimming abilities.
Read more »
Man (42) charged with the murder of Paula Canty in MallowThe mother-of-two was found dead at the Belfry, Bridewell Lane on Friday
Read more »
Man (42) due to appear in court charged with the murder of Paula Canty in MallowThe mother-of-two was found dead at the Belfry, Bridewell Lane on Friday
Read more »
Man Jailed for Attacking Cardiologist with Champagne Bottle in Dublin HomeLiam Whelan attacked a cardiologist in the victim's Dublin home after meeting him at a pub. The victim suffered serious injuries, including a brain bleed, skull fracture, and permanent hearing loss.
Read more »