EXCLUSIVE: Simon Pegg and Nick Frost, who co-starred in hit British comedies Shaun of the Dead, Hot Fuzz and Paul, have formed the film and TV production banner Stolen Picture. The duo will kick open its doors with Slaughterhouse Rulez, marking their return to the comedy-horror genre.

The film, which Frost and Pegg will exec produce, is directed by Crispian Mills and based on a script he co-wrote with Henry Fitzherbert. Sony Pictures is backing the title, and Catalyst Global Media’s Charlotte Walls will produce. Sony’s Josephine Rose is also exec producing.

Slaughterhouse Rulez is set in an elite boarding school – Welcome to Slaughterhouse – where boys and girls are groomed for power and greatness and they’re about to meet their match. The story’s hero, Don Wallace, is a wide-eyed new boy from a modest background forced to navigate a baffling new world of arcane rules and rituals, presided by sadistic sixth formers. Matters of status are aggressively enforced and conversation with school goddess Clemsie, are strictly forbidden.

But this ancient and ordered world is about to be shaken to its foundations – literally – when a controversial frack site on prize school woodland causes seismic tremors, a mysterious sinkhole and an unspeakable horror is unleashed. Soon a new pecking order will be established as pupils, teachers and the school matron become locked in a bloody battle for survival.

Based in the UK, Stolen Picture will look for film and television projects geared towards a global audience. The company will aim to produce a variety of scripted entertainment in line with Pegg and Frost’s unique brand.

Pegg and Frost first worked together on popular Brit sitcom Spaced and have since collaborated on three films with director Edgar Wright – 2004’s Shaun of the Dead, 2007’s Hot Fuzz and 2013’s The World’s End – also known as the Three Flavours Cornetto trilogy. They also co-wrote and stared in alien comedy Paul in 2011. These pics were produced by Big Talk Productions and Working Title and collectively grossed more than $254M at the box office worldwide. Pegg and Frost sold their stakes in Big Talk Productions when it was purchased by ITV in 2013, but will continue to work with the banner.

Pegg is repped by Dawn Sedgwick Management in the UK and UTA in the U.S. Frost is repped by Troika in the UK and UTA and Think-Tank Management in the U.S.