Studio to advise on film investments
The Pinewood board also approved plans for a 45,000 sq ft extension, including a new soundstage, at its Iver Heath facility 20 miles west of London, it announced Monday.
The Isle of Man service will be provided via Pinewood Film Advisors, a wholly owned subsidiary of the studio group. As part of the deal, the IOMT will buy 4.89 million shares in Pinewood from parent Goodweather Investment Management (a member of the Peel Group) for £12.23 million ($19.76 million).
PFA will receive an annual management fee and fees on each project that the IOMT invests in, as well as a proportion of revenues from U.K. distribution rights. It will also collect a proportion of future revenues from the 97 titles previously funded by the IOMT.
The pact must be approved by Blighty’s Financial Services Authority, which is expected in the next few weeks.
“The agreement is a further example of extending the reach of the Pinewood brand and builds on the company’s Pinewood Films initiative to play a bigger role in U.K. independent film and television production,” said Pinewood Shepperton CEO Ivan Dunleavy.
Meanwhile, the Pinewood Shepperton extension comes after its plans for Project Pinewood, which would have doubled the size of the facility, were turned down last year by the government.
Its more modest proposal is expected to be submitted in November.
Pinewood Films recently announced its investment in Amma Asante’s “Belle,” currently shooting at the studio.