Pinewood negotiates for £25m Isle of Man film fund

PINEWOOD Shepperton is in negotiations with the Isle of Man government to source and advise on film investment opportunities for its £25m Media Development Fund for an initial term of five years. 

If the film and TV studios business, which  is 71% owned by property giant Peel Group and 27% by Stockport-based jeweller Warren James, enters into an agreement to advise the MDF, a core team from CinemaNX, the current adviser to the MDF, will join the company to provide continuity.

A resolution tabled by the Minister for the Treasury, IOM, on June 4 said that the “Treasury be authorised but not required to expend from the reserve fund an amount of up to £24m to purchase up to 19.9% of the ordinary shares of Pinewood Shepperton plc from its shareholders, if satisfactory terms can be agreed in connection with this proposal.”  

The resolution requires the consent of the Tynwald (Isle of Man Parliament).