Despite backing some excellent films, Rank was in crisis by 1949, having built up a debt of £16 million, and reported an annual loss of £3.5 million. Managing Director John Davis cut staff, reduced budgets and concentrated film production at Pinewood. Other studio facilities (in Islington) were closed, sold (Lime Grove Studios) or leased (Denham). The Rank Organisation closed Independent Producers Ltd. The policies of Davis alienated many in the industry, in particular they led film director David Lean, responsible for some of Rank's most critically and financially successful films, to look elsewhere for backing.