The psycho comedy, which is currently shooting at Shepperton, is the first to be backed by Pinewood’s new initiative to support low budget British films. US and Domincan Republic-based Indomina is providing production financing and will handle US distribution.

Simon Pegg is starring in A Fantastic Fear Of Everything, a psycho comedy shooting at Shepperton Studios and on location in London.

Universal Pictures will release the film in the UK, as well as Germany, Australia, New Zealand and Latin America. Indomina will handle remaining territories.

Pegg plays a children’s author turned crime novelist whose research into the lives of Victorian serial killers turns him into a paranoid wreck, especially when a Hollywood executive decides he wants to make a film out of his findings.

Amara Karan, Clare Higgins, Sheridan Smith and Alan Drake also star in the film, which is has been written and is being directed by musician turned filmmaker Crispian Mills, together with co-director and animator Chris Hopewell of Collision Films.

Geraldine Patten is producing for her company Keel Films. Patten was a Screen Star Of Tomorrow in 2009.

A Fantastic Fear of Everything is the first film to receive backing from Pinewood’s new initiative – Pinewood Films – which helps to finance a number of low-budget British films, as well as giving them access to the facilities at Pinewood and Shepperton. The studio promised to invest 20% equity in up to four British films per year which have production budgets of around $3.2m (£2m) each. A Fantastic Fear Of Everything has a budget of just under £3m.

“We have waited for the right project, at the right time to launch our new investment scheme and with the involvement of Keel Films, Universal Acquisitions and Simon Pegg this is the perfect fit for the Studios,” said Pinewood chief executive Ivan Dunleavy.