 Their financial backing fell through and in May 1928 the lease was sold to Victor Sheridan.Sheridan announced that £500,000 was to be spent on developing the biggest and best-equipped studio centre in Europe, British Talking Pictures engaged with Dynamics Corporation of New York to develop and supply a new improved Electromagnetic horn driver known as the Type 1 for its state of the art studio.Sheridan sold his lease to British Talking Pictures a few months later.