Piers Read and Jeremy Rainbird

UK TV and advertising executives and property developers Piers Read and Jeremy Rainbird are leading a new fund which aims to invest £500m into the UK studio sector.

The first investment their company, The Creative District Improvement Company (TCDI) and subsidiary operating company, Time + Space Studios, will be the £50 million acquisition and planned improvement of Twickenham Studios.

As part of the deal which will add film stages and office space, Sunny Vohra, who bought the studio eight years ago, will stay on as chairman and co-owner. Films that have used Twickenham’s production or post production facilities include Bohemian Rhapsody, Baby Driver and McMafia

The Twickenham Studios acquisition includes the studios’ previously announced expansion into Liverpool at the Littlewoods Pools building.

The company has also applied for planning permission to build a £148 million new studio complex in Kent, near the…