Profiles in Finance: Molifilms
MoliFilms is using the U.K.’s Enterprise Investment Scheme, which offers investors tax relief, in a bid to raise an initial $3.2 million this year from private investors.
Foligno plans to use the coin as equity finance for a slate of four to six British films, which the company will develop and produce.
It will invest equity of about 30% into each project, tap the U.K. tax credit for 18% and seek the rest of the finance from traditional sources such as distributors and regional screen agencies.
MoliFilms, founded by Foligno in 2009 with partners Brad Moore and Richard Turner, has completed its first film, David Blair’s “Best Laid Plans,” which shot in Nottingham last fall. Budgeted under $1.6 million, the pic pre-sold to Sony for U.K. distribition.
Upcoming projects include Simon Rumley’s thriller “Strangers,” about two British businessmen in China, and Kate Sinclair’s “Thief in the Clouds,” about man seeking redemption through hill running.
Foligno says he’s aiming for commercial fare. “We’re looking for atypical British projects.”
Under Foligno’s leadership, Molinare became a key investor in British films, putting equity into pics such as “The King’s Speech,” “Moon,” “Ironclad” and “Killing Bono” in order to secure their post-production business.
Having sold MoliFilms to India’s Century Communications in 2008, Foligno is leaving to pursue his own production dream.