Head Gear plans US operation and $120 million investment
Co-founder Phil Hunt says the British producer-financier plans to invest about $120 million in US film and television in its operation’s first year, offering independent producers another potential source of financing.
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British producer-financier Head Gear plans to launch a US operation, with chief operating officer Samantha Allwinton set to run the division as director of operations. Co-founder Phil Hunt said the company plans to invest about $120 million in US film and television in its first year of operation. He described the plan in an interview with The Hollywood Reporter.
In an October 28 report, Scrolletta said Allwinton leads the operation from Denver and Los Angeles and described her as the company’s only US-based executive.
Hunt founded Head Gear with film financier Compton Ross in 2002. Its previous work includes gap financing and bridge funding, as well as backing the films Talk to Me, The Apprentice and How to Have Sex.
How Head Gear plans to work with producers
Hunt said more US producers need financing as presales—agreements to sell a film before it is finished—cover less of their costs. He said streaming services buy fewer independent films and pay less for them, while costs are rising, leaving a wider gap between budgets and money guaranteed upfront.
Investors such as Head Gear fill part of the amount once covered by sales, Hunt said. The company considers cast, genre and budget together before a script is finalized, and favors low-cost, high-concept action, thriller and horror projects. Hunt said the company also monitors its exposure to any individual genre or sales agent.
Beyond lending, Hunt said, Head Gear helps producers assemble projects and financing plans, handle business affairs and collect money after release.
A plan with or without a tax credit
Hunt said a federal production tax credit, if passed, would make US productions cheaper and allow lenders to borrow against the credit. If it does not pass, he said, Head Gear still plans to invest heavily in US movies.
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