Mo-Sys responds to collapse of Plumstead Power Station deal

The company said it was surprised and disappointed to learn of Greenwich Councils decision

By Matthew Corrigan

Published: October 18, 2024 Updated: October 21, 2024

The company said it was surprised and disappointed to learn of Greenwich Council's decision

target=_blank title=Share on LinkedIn class=share-linkedin> The company said it was surprised and disappointed to learn of Greenwich Council's decision

https://www.tvbeurope.com/business/mo-sys-responds-to-collapse-of-plumstead-power-station-deal title=Share via Email class=share-email>

Mo-Sys has released a statement following Greenwich Council's decision to halt its studio plans.

The company states it had worked with Greenwich Council on the project for three years. As reported by TVBEurope yesterday, plans were in place for a global virtual production hub at the former Plumstead Power Station. Mo-Sys intended to build an eight-stage studio facility and new R&D centre at the site, creating 16 new jobs in the area and providing education and training through its Mo-Sys Academy.

Greenwich Council advised Mo-Sys of its decision to pull out of the project in August, and a subsequent Freedom of Information Act request revealed the previously allocated matched funding for redevelopment of the Grade II listed building was apparently no longer available.

Since then, Mo-Sys said it has been exploring other opportunities while remaining hopeful of finding a way forward with the Plumstead project. The company said it was surprised and disappointed to learn of the council's intention to sell the site, which was passed at a meeting of the council's cabinet on October 16th.

In a statement, Michael Geissler, CEO at Mo-Sys, said, Greenwich has been our home for seven wonderful years, in which time we have continued to build our business, winning the Best of Royal Greenwich Business of the Year Award, 2020, and we would be very sorry to leave Greenwich.

Mo-Sys has been committed to the vision of helping to regenerate the Plumstead area, but we also very much appreciate the fiscal strains that many local authorities are currently facing.

Geissler continued: At Mo-Sys we are constantly innovating, working collaboratively with industry partners, and this situation has presented us with a great opportunity to expand our vision for the new Mo-Sys headquarters. We have been exploring new synergistic partnerships to build a project greater than the one previously envisaged, that can be realised faster. Our new facility will be the Virtual Production Hub for London and beyond, with all the resources for filmmaking, innovation and education, as we continue to grow from strength to strength, driving the virtual production industry forward.

We are looking forward to announcing exciting new locations and collaborations in the coming months, he concluded.

In a statement issued to TVBEurope, a spokesperson for Greenwich Council said:

Plumstead Power Station was and remains a key part of the regeneration of Plumstead, which started with the Council's £16m investment in a new leisure facility and refurbished library and has continued with various public realm and shopfront improvements, as well as new council Homes on Speranza Street. Despite negotiating with Mo-Sys since 2021, we have been unable to reach an agreement and therefore it is recommended that the Council goes out to market to ensure that the best consideration for this asset is secured.

Council pulls plug on Mo-Sys Plumstead Power Station deal

LINK:	https://www.tvbeurope.com/business/mo-sys-responds-to-collapse-of-plum...
	See more stories from tvb

Most recent headlines