Ardmore Studios is set for expansion, said its new owner Joe Devine, after the investment fund he runs bought the facility from Paul McGuinness and Ossie Kilkenny, as well as the Government, which owned a 32% stake through Enterprise Ireland. The price has not been disclosed.

Wicklow's Ardmore Studios has been put up for sale.

Limerick City Council is set to earn up to €350,000 for the annual lease of a huge former industrial unit to Ardmore Studios which is planning to set up a film industry hub at Plassey Technological Park, near the University of Limerick.

The green light is expected today for the creation of a new film production industry in Limerick, through a partnership between the city and Ardmore Studios. It will create more than 750 permanent jobs and could benefit the local economy to the tune of an estimated €80m yearly.

The distance between Hollywood and Limerick is set to get a whole lot shorter as plans for an international film studio based in the Treaty City leap ahead.