Animated art venture hopes to draw pounds 500,000 in EIS funds

CATTO ANIMATION, a company specialising in animated art, is hoping to raise pounds 500,000 under the Enterprise Investment Scheme.

The company aims to buy galleries in Europe that will sell and exhibit animation art from the main studios, including Walt Disney and Fox.

Russell Singler, events co-ordinator at the Catto Gallery, said: 'We are hoping to expand into Europe. It is currently an under- developed market. In America the industry is worth dollars 130m.'

He said the price of the artwork varied from about pounds 60 to pounds 20,000. The more expensive images might come from the original Snow White and the Seven Dwarfs, while an image from Bugs Bunny would cost a lot less.

Catto Animation was formed after the Walt Disney company asked the Catto Gallery in Hampstead, north London, to stage an exhibition of its artwork in April 1992 to coincide with the opening of Euro Disneyland.

The success of the exhibition led to the opening of a specialist gallery in London and the formation of the company.

The EIS offers 20 per cent tax relief on investment. Minimum investment in the scheme is pounds 900, and the maximum pounds 100,000. There is no capital gains to pay if the shares are held for five years.