The success of British cinema is being threatened by a loss of funding caused by Brexit, according to the chief executive of a major film company, who warned that hits such as Slumdog Millionaire and The King’s Speech may no longer be made in the future.

Zygi Kamasa, the chief executive of Lionsgate UK and Europe, warned: “Between 2007 and 2013, over €100m [£90m] was invested in UK film. It is a big amount for indigenous British productions. The concern is that, with Brexit, we will lose that funding.”

He argued the industry was already struggling to attract finance as more and more people opted to remain at home, watching box sets or movies on large-screen TVs.

“Hollywood is moving towards a smaller number of films with massive budgets, like X-Men and Star Wars. So, when you go to the cinema, you are tempted to choose a big spectacle,” added Kamasa, who runs the British arm of the company behind the Hunger Games series and La La Land.

“If you add to that the impact from Brexit, it adds to the downward pressure. Slumdog Millionaire got over €1m of EU media funding and so did The King’s Speech.”

Kamasa said the sudden loss of funding for films already struggling was compounding the problem. “It means those films are not going to be made, which is a huge loss culturally and economically, and a huge loss for skills and creative talent.”

He said the squeeze had already started. “We pledged to make 25 British films in four years and managed 19-20 over the first three years, but we are struggling in the final year. It is already [October] and we have only made one,” he said.

“I am fearful that the great films of the past 20 years like [Slumdog Millionaire and the King’s Speech] will struggle to be made in the coming years unless something is done. We as an industry need to look at this closely.”

Kamasa, who has been asked to chair a British Film Institute (BFI) commission on independent film in the UK, argued that huge British hits had acted as a “stepping stones to more films”.

UK movies can receive funding from the EU through its Creative Europe programme, which contributed €1m to Pride and just under €1m to I, Daniel Blake.

Amanda Nevill, the chief executive of the BFI, said she was confident that film would be of “valued importance” when Brexit negotiations got under way, but added the industry would like participation in Creative Europe to be maintained.

“I remain optimistic that creativity will always find a way through, but funding and free movement of people is something that we will be arguing for and defending all the way,” she said.

Asked if the UK could stay in Creative Europe after Brexit, a spokesman for the Department for Digital, Culture, Media and Sport said: “The UK film industry is world-leading and one of our biggest success stories. As we leave the EU, we are committed to maintaining our support for the creative industries and making sure the UK remains an attractive destination for overseas investors.”

Karen Bradley, the culture secretary, has previously said she was aware of the film industry’s concerns. “Clearly this is part of a negotiation, but we are looking carefully at the areas in which it is important that we continue membership,” she told the House of Commons in September.