New film and TV revenues boost Pinewood expansion; studio group to submit planning application in autumn.
Pinewood Shepperton is in rude health, according to the latest company statement from its chairman, Lord Grade of Yarmouth.
According to Lord Grade, the studio is running at near capacity, Media Park is enjoying “high occupancy levels”, the company has made “a positive start” to the new financial year and expansion plans are afoot.
Lord Grade said the company is “aiming to submit a planning application in the autumn,” and that its discussions with the Isle of Man about its £25 million Media Development Fund are “progressing well.”
In June, The Isle of Man government announced plans to merge its film arm, CinemaNX, into Pinewood Shepperton, and hand over running the island’s £25 million Media Development Fund to the studio group.
Lord Grade confirmed that the studio recently completed a “refinancing of its main baking facilities.” In May , Pinewood’s shares were delisted from the main market of the London Stock Exchange and admitted to trading on AIM on 23 July, along with a £5.4 million placing of new ordinary shares.
Pinewood has been renovating and improving its offering throughout 2012, with the opening of the £5.6m 30,000 sq ft Richard Attenborough stage in April, a major electricity supply upgrade, a £500,000 new workshop facility and an investment programme to expand its digital offering and HD television facilities.
Major productions shooting or recently shot at the facility include Maleficent, Les Miserables and Skyfall.