Intrigue as Stockport jeweller buys into Pinewood

PEEL Holdings’ plan to acquire Pinewood Shepperton could be thrown into disarray by a Stockport jeweller Warren James which is understood to have acquired 15% of the shares.

Manchester-based Peel has already offered 200p-a-share which values Pinewood at £92.4m, or £96.1m including a final dividend.

This deal has the backing of Pinewood’s management and today Peel said its offer had become unconditional as to acceptances with the backing of 63.3% of shareholders.

But Warren James, owned by brother and sister Ann Jones and John Coulter, is understood to have built its stake in recent days. The group’s intention is unclear but traders think it could force a higher offer from Peel.

Warren James is a 120-strong store chain which had revenues of £43.6m and pre-tax profits of £11.9m in the 12 months to March 2010. That year the owners received a £30m dividend.

Peel has already seen off a rival bid from Mohamed Al Fayed who abandoned his plans on May 17.

Pinewood has studios in Pinewood in Buckinghamshire, and Shepperton and Teddington in Middlesex. The 75-year-old production site has more than 34 stages and five television studios.

Peel, which agreed a £1.6bn deal to sell the Trafford Centre to Capital Shopping Centres in January, is responsible for developing MediaCity at Salford Quays which will be home to BBC North and new facilities for ITV.