09/03/2011

Major UK Studios Fund British Films

Film and Television Studios Group Pinewood Shepperton have announced plans to provide funding for smaller British film productions.

The firm, a leading provider of service to the global film and television industry, announced that it will be providing facilities and co-investment to support films with production budgets of around £2 million each, investing equity up to 20% per film.

Pinewood plans to invest in four productions per year, which will be selected by industry partners on behalf of the company.

Commenting on the announcement, Ivan Dunleavy, Chief Executive, said: "British film has enjoyed extraordinary success recently, and in its seventy-fifth anniversary, I am delighted that Pinewood is returning, on a small scale, to its heritage in British film production.

"Although our financial commitment to each film will be relatively small, we can, in addition, offer British films access to the world class facilities and production expertise at Pinewood and Shepperton Studios which would normally be beyond their budget."

Jeremy Hunt, Secretary of State for Culture, Olympics, Media and Sport, added: "We are delighted that Pinewood is showing its support for smaller British film productions. As the recent success of The King's Speech demonstrates, smaller British films have the potential to become smash hits globally and any support that the industry can offer producers, we welcome.

"This new private sector investment is a sign of confidence in the Government's film policy. Pinewood has a long heritage as a centre for film making excellence and with this announcement, demonstrates that it continues to sit at the hear of the British film industry."

The announcement comes as Pinewood announced a 31% rise in pre-tax profits to £5.8 million.

The company owns the Pinewood, Shepperton and Teddington facilities, collectively owning 41 stages, including ten digital television studios, gardens & woodland for outdoor shooting, one of Europe's largest exterior water tanks and a dedicated underwater stage.

The studios have acted as the base for the James Bond film franchise and were most recently used in the making of the latest Pirates of the Caribbean movie and the final Harry Potter films.

(KMcA)

Related UK National News Stories
Click here for the latest headlines.

10 November 2011
Tax Relief For Film Makers Extended
The Prime Minister has announced the extension of film tax relief, the Government’s tax break for the British film industry, until the end of December 2015.
29 November 2010
UK Industry Bankrolls Inbound Films
An increase in National Lottery funds and an emphasis on funding from within the UK movie industry itself are to bankroll the British Film Institute (BFI) as it assumes the former international marketing role of the UK Film Council (UKFC).
08 April 2009
British Bosses Released By French Workers
Three British bosses held captive by workers at a French factory over plans to close the site have been released. According to European Finance Director, Ian Bushell, unions representing employees at British manufacturer Scapa, held the managers overnight after a breakdown in negotiations on Tuesday.
13 October 2003
Lottery-backed UK films net £125m in receipts
National Lottery investments in the UK film industry has generated box office takings of over £125 million, new figures released today have revealed. Overall, £13 million of Lottery funding invested by the UK Film Council has generated £125.
04 April 2003
British forces tighten grip around Basra
British forces have tightened their grip around Iraq's second largest city, Basra, after another foray into the enemy stronghold today. Journalists embedded with the British vanguard report that the Desert Rats and elements of the Irish Guards advanced to four miles of the city's centre following the operation.