Pinewood Shepperton plc (“the Company”), a leading provider of services to the global film and television industry, today announces a consultation on the future development of Pinewood Studios with local and national stakeholders and the producers and developers of creative content. Certainty as to its future development is critical to enable Pinewood Studios to plan for growth. Without major investment Pinewood Studios cannot remain globally competitive and respond to the changing needs and ever increasing demands of the screen and digital industries.
Such future development will look forward for the next 20 years and will consider the need for stage and studio space, innovation, technology and television broadcast facilities, all designed to support Pinewood Studios’ position as a world-leading, digitally connected, hub for the global creative industries. The consultation will consider both the existing site and the adjacent land holding, which was recently the subject of a planning refusal for the Project Pinewood scheme.
New studio complexes are being developed around the world, such as Cape Town Studios, Docklands in Melbourne, Russia World Studio and Alvernia Studios, Poland. A current development is Chinawood, a new film making centre outside Tianjin, which has reportedly cost circa £0.5 billion.
The Company continues to implement its plans for Shepperton Studios.
Commenting on the future development consultation, Ivan Dunleavy, Chief Executive said:
“Our business again delivered record operating results during 2011, yet Pinewood and the UK were unable to satisfy the rising demand last year from the audio-visual sector.
“We must respond effectively to the growing demand and compete on an equal footing; otherwise Pinewood will fall behind its international competitors.
“Increasingly producers require the cost efficiencies that come from the co-location of creative skills, production experience and infrastructure for which Pinewood Studios has been renowned. We are determined to respond to the opportunity to create jobs and growth in this vibrant sector of the UK economy”.