Pinewood Shepperton finalises Isle Of Man fund deal, which has been in the works over the summer; Board approves an additional 45,000 sq ft studio facility.
The Pinewood Shepperton Board has approved an additional 45,000 sq ft studio facility, including a new sound stage, at Pinewood Shepperton.
The addition follows a recent and significant investment in the company’s television business, with the completion of the new Richard Attenborough Stage, which will service both film and television production.
Pinewood has also signed a five-year agreement with the Isle of Man Treasury (IOMT) under which it will “source and advise” on film investment opportunities for the £25 million fund established by the IOMT as well as “monitor and capitalise” on UK distribution rights in films and television programmes backed by the IOMT.
In return, the Isle will take a small stake in the company by buying around 5 million shares of its stock for £12.2 million ($19.7 million).
The deal had been in the works over the summer.
Ivan Dunleavy, chief executive said: “We are delighted to have successfully concluded discussions with the Isle of Man Treasury. This agreement is a further example of extending the reach of the Pinewood brand and builds on the Company’s successful Pinewood Films initiative to play a bigger role in UK independent film and television production. Pinewood is a key part of the UK’s film industry which made an economic contribution to the UK economy of £4.6bn in 2011.”