Pinewood Sheppperton has entered an agreement with the Isle of Man Treasury to source projects and advise on film investment opportunities for a £25M ($40M) fund established by the Irish Sea island. The initial deal term is five years. Along with taking a management fee, the studio facilities operator will recoup a portion of revenues generated by the sale of UK distribution rights to films in which the fund invests. In turn, the Treasury will buy just under 5M shares in Pinewood for £12.2M ($19.7M). The Treasury expects to offer equity finance, UK distribution and gap financing with no fixed caps.
The new deal gives Pinewood a larger footprint in film financing. In 2011, the company said it would invest up to a 20% stake in about four indie films per year. Its most recent project is Belle with Gugu Mbatha Raw, Matthew Goode, Tom Felton, Tom Wilkinson and Miranda Richardson which started shooting on Sept 24.
Pinewood recently upgraded its TV facilities as a proposed 25% tax break on high-end production is expected to go into effect in April. It’s also approved an additional 45,000 sq ft of facilities including a new sound stage. The proposal for an expansion plan that could double the studio’s size will be submitted this fall. Films recently shooting at Pinewood include Skyfall, Les Miserables, Maleficent and the Jack Ryan reboot.
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