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Stock Market receive notification of Pinewood deal

Tue, 23 Oct 2012

The Pinewood film studios deal took centre stage in the House of Keys today as Treasury Minister Eddie Teare fielded a number of questions.

Michael MHK Alf Cannan led the questioning; seeking to find out what sort of benefits the Island sets to gain from the deal, which will see Pinewood manage the Island’s £25 million media development fund, as well as a 9.89% stake in the company for government.

Minister Teare said it will open up a much wider sphere of opportunity and exposure to the whole creative industry sector, as well as bringing a much wider choice of quality of film product to the Island.

Mr Cannan had previously made it clear he felt that pinewood where the only party set to benefit from the deal, something that the Treasury Minister dismissed as poppycock.

The questions came as it was revealed Pinewood Shepperton plc had announced the deal to the Stock Market.

The deal will officially commence on Thursday with former CinemaNX director Steve Christian set to join their board as an executive director.

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