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18/02/2014

Pinewood Announce Cardiff Studio

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A new film and television studio has been announced for Cardiff, following a partnership deal struck between the Welsh government and Pinewood Studios.
It is thought the development could potentially generate 2,000 jobs and £90m for the Welsh economy.
As part of the deal, Pinewood Shepperton will advise the Welsh government on its new £30 million television and film investment fund. The group will also receive an annual fee and transaction-based advisory fees for the fund.
The former Energy Centre in Wentloog, adjacent to Cardiff Bay, will be the venue for the new facility, which will house four stages. Pinewood will enter into a lease for a minimum of five years with the Welsh government for the studio, which is to be known as 'Pinewood Studio Wales'. Pinewood will operate the Studio and contribute £0.8 million over five years for the purchase of equipment.
Ivan Dunleavy, Chief Executive Officer, Pinewood Shepperton plc said: "We are delighted to have agreed with the Welsh Government to advise it on its television and film funding initiative. This builds on our success with Pinewood Pictures and managing the Isle of Man Treasury Film and Television Fund. Our combined advisory investment funds now total £55 million making them one of the largest investment portals for new British television and film content.
"The new fund together with the new facility will do much to boost the Welsh film and television sector. The fund is also another step forward for creating a sustainable UK film and television production centre."
Pauline Burt, chief executive of the Film Agency for Wales, the body that supports and funds Welsh film talent, said: "This is a great announcement for Wales generally and our fast developing film sector in particular. A major player like Pinewood is a great neighbour to have, stimulating inward investment and creating jobs, and we are looking forward to developing opportunities together.
"The Film Agency’s focus is on supporting indigenous Welsh filmmaking talent – with a particular focus on writers, directors and producers – and we are keen to explore how the Pinewood deal could enhance that further."
First Minister Carwyn Jones said: "I can reveal that the Welsh Government has secured one of the biggest prizes in the British film and television industry. This deal with Pinewood is a major coup for Wales.
"Attracting such an iconic global brand as Pinewood is wonderful news for Wales. Pinewood is synonymous with world class British and international productions, including the James Bond film franchise and is home to some of the most successful feature films ever made.
"This high-profile investment is of significant economic value to Wales while the partnership between the Welsh Government and Pinewood offers a priceless opportunity to promote Wales as a world class location for film and television production."

Image - Pinewood Chief Executive and Welsh Economy Minister Edwina Hart view the new facility (courtesy of the Welsh government)

www.pinewoodgroup.com
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