Gravitas Ventures and Variance Films have acquired U.S. rights to British musical drama “Hunky Dory,” starring  Minnie Driver and Aneurin Barnard.

Pic, directed by Marc Evans and produced by Jon Finn and Dan Lupovitz, made its world premiere at the London Film Festival. Its U.S. premiere came in March at South by Southwest.

Story is set in 1976, where an idealistic high school drama teacher (Driver) in a small Welsh seaside town attempts to stage an end of the year production of “The Tempest” as a rock-infused musical featuring hits from David Bowie, Lou Reed, The Beach Boys, Dusty Springfield and Electric Light Orchestra.

The film will be released during the first quarter. It marks the second acquisition under the Gravitas Ventures-Variance Films’ partnership, following “3, 2, 1 … Frankie Go Boom,” which launches Monday on VOD and opens theatrically on Oct. 12.

The companies made the announcement Friday at the Toronto Intl. Film Festival, where they are seeking acquisitions.

“Hunky Dory” is financed by the Film Agency for Wales, The Wales Creative IP Fund, Eyepatch LLP, Panaramic LLP, The Aegis Film Fund, Atlantic Swiss Productions, Magna Films, Lipsync Productions, Greene Light Films, Middlemarch Partners, Brecon Media and support of the Welsh Assembly Government through the Single Investment Fund.

Gravitas president Michael Murphy negotiated the deal with Andrew Orr of Independent.