Island to purchase 20 per cent of Pinewood Studios

The government is looking to acquire a stake of nearly 20 per cent in Pinewood Shepperton plc, the studios behind the James Bond and Harry Potter films.

The move follows a review of the Island’s film industry by consultants Oxford Economics which confirmed that the sector has generated substantial economic benefits. 

However, it concluded that it must now take a new direction in an increasingly competitive market for filmmaking.

The investment from Tynwald would be in the region of £25million, with the money coming from its reserves. It is, of course, still subject to approval.

It means the studio would be obligated to source and advise the Island on film investment opportunities for its separate £25m Media Development Fund, which up to this point had been managed by CinemaNX.

This will now cease as a company with the staff redeployed into the proposed new project.

Treasury Minister Eddie Teare told the station more about the new venture (see audio).