Pinewood to invest in smaller British films
by Naman Ramachandran
The British film industry has got a shot in the arm with iconic studio Pinewood Shepperton announcing that it will target four films per year with production budgets of around £2m each and will invest equity up to 20% per film.
Pinewood CEO Ivan Dunleavy said, “British film has enjoyed extraordinary success recently, and in its seventy-fifth anniversary year, 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.”
British Secretary of State for Culture Jeremy Hunt said, “We are delighted that Pinewood is showing its support for smaller British film productions. As the recent success of The King's Speech [+see also:
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film profile] 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 heart of the British film industry.”
Pinewood Studios has also commissioned a new 30,000 sq ft stage suitable for both film and television, costing £5.1m. This will increase stage capacity by 7% and will be completed by the second half of 2012.
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