FILM-MAKING in the North-East is to receive a £33m boost with the creation of a fund financed by private investors.

One of the first movies to benefit will be boxing champion Glenn McCrory's film Carrying David, depicting the relationship between him and his disabled and terminally ill brother.

Compass Film Financing has been launched to attract private investors from the region into helping fund films created, made or produced in the North-East.

"We think we have an opportunity to make a difference and change the whole landscape of filming making in the region," said Steve Bowden of Newcastle-based Ipso Facto Films, the independent film and TV production company, behind the move.

It hopes to capitalise on its growing international reputation as its latest feature film, School For Seduction, is premiered in October. The comedy, which stars Kelly Brook as an Italian teaching Geordie women lessons in love, was made entirely on location in Newcastle.

Ipso Facto is joining forces with Compass Film Financing to raise money to back a slate of films currently in various stages of pre-production.

The fund is based on Section 48 of the film financing legislation and is particularly attractive to private investors paying 40 per cent tax.

Christine Alderson, managing director of Ipso Facto Films, said they had discovered a lot people putting money into film funds in London were actually based in the North-East.

There was plenty of North-East film-making talent, she said, but people who wanted to live in Newcastle were being forced to move to London because "production is not big up here".

Compass Film LLP investment memorandum will be published at the end of July.

Further details are available from Independent Financial Advisors Ralph Thoburn Junior at Thoburn, Chapman and Peter Parker at James 0191-456 2425 and from N-hance 0191-491 4119.

Published: 22/07/2004