The bidding for Elstree Studios was re-opened this week as council bosses agreed to put the town's greatest asset' back out to tender as the process of finding new investment starts afresh.

After a year-long search to find an acceptable bidder ended in failure in May, the studios in Shenley Road, Borehamwood, has been put back on the market.

Hertsmere Borough Council is confident it will succeed in securing the studios' long-term future second-time around.

The council-owned studios is currently run by management company Elstree Film and Television Studios Ltd (EFTVS), but when its contract runs out on March 31 next year, the council wants a wealthy company or consortium to take over on a long lease and rejuvenate the studios.

Speaking at the council's executive meeting on Wednesday, Councillor John Graham, portfolio holder for property and finance, said: "We've learnt from our mistakes.

"Since the last round of bidding fell through, we've spoken to a lot of people to find out how we can do it better this time around."

The council met with the UK film comissioner and the UK Film Council who said putting studios out to tender last October, as the council did, was the worst possible time to do so as it is a quiet period in the industry.

They were advised that the last bidding process coincided with a period in which investment in the UK film industry fell by 60 per cent and reached an all-time low.

Precise details about why the bids were turned down last time remain secret but are believed to centre on demands for the amount of rent and investment in outdated studio buildings.

It is likely that the council is seeking £1 million a year in rent plus a significant cash injection in infrastructure from investors.

Mr Graham continued: "There's a lot more in our favour this time and the opportunities for succeeding are far greater so we must be strong in what we're trying to do."

Instead of the previous two-stage tendering process, this time, there will just be one stage, with a deadline for bidders of October 16.

Unlike last time, bidders will also be able to download the tender pack straight from the council's web site.

Marketing costs for the process are expected to be around £45,000.

Hertsmere Labour Group leader Councillor Leon Reefe said he had his doubts the process would be successful.

"My concern is for the long-term future of the studios. I'm yet to be convinced that this package is going to be a product that rouses interest and gets results."

If no firm can be found to run the studios by next March, the council will find itself controlling the day-to-day activity at the studios from the Civic Offices.