Pinewood Studios to expand over next 10 years

Pinewood Shepperton is to undergo a big upgrade of its film studio facilities after the business that shot the James Bond and Harry Potter franchises received the final approval for a 10-year expansion plan.

Shepperton, also home to Batman Begins, has been granted permission to expand its complex in Middlesex - reports The Guardian (UK).

Pinewood, its sister studio in Buckinghamshire, will also embark on a revamp after receiving local council permission recently.

The 10-year programme will include upgrading existing facilities with state-of-the-art equipment while building new sound stages, production workshops and post-production facilities.

Pinewood Shepperton is pushing on with the growth strategy amid an uncertain funding environment for the British film industry.

The company issued two profit warnings this year after doubts over the future of government tax policy for film-makers - a significant funding mechanism for British producers - forced at least one Hollywood production to postpone shooting.

Some of that uncertainty lifted this month after the government published proposals for a system that will replace the existing code with a tax credit. Film projects will have to pass a "cultural test" to determine whether they are "British" enough to qualify for tax relief.

Ivan Dunleavy, chief executive of Pinewood Shepperton, said the planning permission approval would help to ensure that both studios remained market-leading facilities.

"Shepperton has a long history of hosting acclaimed media productions but has recently been constrained by the age and scale of some of the original facilities," he said.

The film company recently opened an underwater filming stage at Pinewood and has been on the acquisition trail, buying Teddington Studios for £2.7m in April.

Projects shooting at the studios this year include the sequel to Basic Instinct, Kenneth Branagh's adaptation of Shakespeare's As You Like It and the latest series of ITV drama Foyle's War.

Shares in Pinewood Shepperton, which floated at 180p last year, closed up 1% at 128.5p.

Thanks to `Kyvan` for the alert.

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