Treasury announces £10.1m Pinewood profit

Fri, 28 Oct 2016

The Treasury has made a profit of more than £10m after selling its remaining shares in the Pinewood Group.

The Government bought almost five million shares in the film and television studio company in 2012 for £12.29m, and confirmed today that the total sales value of its shares was £22.4m.

The Treasury has been gradually reducing its 9.9% stake in Pinewood over the last four years, and received its final dividend payment earlier this month.

The proceeds of the sale are being held in cash in the Island's reserve fund.

Pinewood Group's assets include Pinewood Studios and Shepperton Studios in the UK, as well as studios in Toronto, California and Berlin.