Pinewood needs blockbuster to hit target

13 April 2012

FILM studios business Pinewood Shepperton needs at least one major blockbuster movie this autumn if it is to achieve its financial targets for the year.

The company said today that conditions in the film industry remain 'challenging' and although rpovisional bookings of film stages in the second half of the year have improved considerably from the first half, a great deal hinges on the conversion of provisional bookings into firm contracts.

The UK film industry faces uncertainty after a clampdown on tax loopholes which has restricted the appeal of films as an investment opportunity. Tax breaks have cost the Treasury an estimated £5bn in the past five years but mounting concern about the quality of films that resulted led to a review of their tax treatment.

Critics argued that the glut of film projects resulted in many commercial and critical duds being released.

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Pinewood, chaired by media mogul Michael Grade, who is also chairman of the BBC, said that the Government's review of the tax treatment of British film-making was one of the reasons for the current challenging conditions in the industry.

Meanwhile the company continues to integrate Teddington Studios, the facilities base near Kingston-upon-Thames where hit shows such as The Office and Alistair McGowan's Big Impression have been filmed.

Pinewood paid £2.7m for Teddington in a deal that included the Studio Broadcasting Company, which runs a wide range of studio facilities.

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Alistair McGowan

Department Of Finance

Michael Grade

Richmond, London