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09/03/2011

Pinewood to Help 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)
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