£600m Sunset Studios scheme put on ice over summer
Severfield has been forced to scratch a deal to carry out work on a new film studios after the job was delayed in the summer by the client.
The country’s biggest steelwork contractor said it was due to work on a scheme in Hertfordshire for Hollywood film studio Sunset Studios.
The scheme was put on ice by Blackstone and Hudson Pacific, which owns Sunset Studios, in the wake of rising costs and interest rates.
It is planned to be built at a site in Broxbourne and will be its first expansion of filming and production facilities outside of the US. Worth around £600m, it was due to have been built by ISG but work is not now set to start until next year.
Severfield said the job was removed from its order book in July with its order book at the start of this month standing at £479m, compared to £510m at the beginning of June.
In a trading update yesterday, the firm said £337m of its order book would be completed in the next 12 months with 90% of that coming from the UK.
It said the order book at its India business was up 22% to £170m at the start of September.
The firm will announce its half year results for the six months to 23 September in November.
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