Pinewood Shepperton plc has secured a $110m (£70m) funding package from a banking syndicate led by The Royal Bank of Scotland ('RBS') comprising Lloyds TSB plc and Allied Irish Bank.
The five year funding agreement replaces banking facilities established in 2004. It will facilitate the continued growth of Pinewood's film, television and pre-let development strategies through core business ventures totalling ($62) £40m and property development facilities of $47m (£30m). Tenants currently at its pre-let developments include Panalux Limited and Technicolor Limited.
Declan Mulcahy, director UK corporate banking media team at RBS, said 'Pinewood Studios is an iconic name in the British film and television industry. The funding structure that has been put in place provides Pinewood with the platform to continue its long-term growth strategy, developing the site into a state of the art media operation. We have a long relationship with the management team and look forward to working with them on future projects.'
Pinewood Shepperton provides studio production facilities for a range of programmes and films. It intends to develop its Media Park, building on the 290 businesses currently operating across their studios at Pinewood, Shepperton and Teddington. It will also direct the funding towards pre-let developments recently undertaken with the major tenants Panalux Limited and Technicolor Limited.
Ivan Dunleavy, Chief Executive Officer, Pinewood Shepperton said 'The development plans provide a stimulating environment for businesses in the media and entertainment sector to operate - being at the hub of one of the world's most vibrant industries. The ongoing support provided by our bankers has been invaluable.'