Pinewood Studios Wales up for sale?

The owner of Pinewood Studios, best known for being home to the James Bond movies, could be sold as the company looks to "maximise value" for investors.

Pinewood Group said it had appointed advisers to lead a strategic review of its capital base and structure.

The company explained that a successful share placing last year to raise proceeds for its expansion had failed to gain enough new investors and diversify its shareholder base, stifling its ambitions.

It made the announcement at the same time as raising its annual profits guidance, saying expectations for the year to 31 March had been boosted by stronger revenues across the board since the release of its half-year results in December.

Pinewood, which trades its shares on the junior AIM market, said that because its shareholder register was "tightly held" its ambition for a main market listing was being held back.

Models of First Order's Stormtrooper Battle Buddy from the film "Star Wars - The Force Awakens" are displayed in a shop in Shanghai
Star Wars: The Force Awakens was made at Pinewood Studios

It confirmed its options included a possible sale of the business, which includes Pinewood Studios in Buckinghamshire, as well as Shepperton Studios and Pinewood Studio Wales.

It also has an international network of studios in countries including Canada and the Dominican Republic.

Its share placing last year raised £30m for phase one of its Pinewood Studios Development Framework, aimed at adding 300,000 square feet of new facilities including five new sound stages.

Expansion at Pinewood in Buckinghamshire has proved problematic in the past because of local opposition.

But it has continued to be at the forefront of the TV and film businesses, recently hosting production of Spectre and Star Wars: The Force Awakens.

Chief executive Ivan Dunleavy said: "We believe Pinewood has the potential to build on the strong performance of the last few years to grow further both in the UK and internationally.

"The board is now looking to identify the best ways to create the appropriate capital structure to allow the Company to realise its goals in the best interests of shareholders."

http://news.sky.com/story/1639193/owner ... iders-sale

I didn't see anything in that report about Pinewood Wales being up for sale, the thread title suggests it's being sold by Pinewood.

I didn't see anything in that report about Pinewood Wales being up for sale, the thread title suggests it's being sold by Pinewood.

I thought the same, a bit misleading.

Pinewood Studios Wales sale option as part of review


57 minutes ago

From the section Wales

Pinewood
The film studios responsible for the James Bond franchise is considering the sale of its business, including its studios in Wales.

Pinewood Group Plc has appointed the investment bank Rothschild to carry out a major strategic review of its assets and structure.

Filming for Amazon Prime's first UK original drama, The Collection, is due to start at the Cardiff site soon.

Pinewood said the sale was just one of a number of options being investigated.

The review is part of Pinewood's attempts to be listed as one of the UK's most well-known companies on the London Stock Exchange and attract more attention from potential investors.




Andrew Smith, Corporate Affairs Director at Pinewood Plc, said: "We have launched the strategic review because just about 80% of the company is owned by three shareholders and in order to continue to build on our successes to date we need to release more finance so we can market on the London Stock Exchange.

"Those successes will hopefully establish a price which will allow shareholders to sell down and create liquidity."

'Robust trading'

The company has a market capitalisation of £250m and its statement says a sale is one of the options - but some kind of other change to its structure might be the solution.

Rothschild will be advising them on the best course of action but the implications for the studio in Cardiff will not be known until the advisors finish their work and Pinewood tells the stock exchange of its findings.

"Sale is just one of a huge number of options. The value is for the market to decide," Mr Smith added.

He said the company's current expectations of performance for this financial year are now higher than when they released results in December.

He said: "This robust trading includes Pinewood Studios Wales where Amazon's first UK production, The Collection, will start filming soon.

"This is about looking at capital growth. We are hiring more staff in our facilities, including our facilities in Wales and are delighted that Amazon are shooting their first UK project here."

Pinewood Studios Wales is based at the former Energy Centre building in Wentloog. The Collection, an eight-part series set in the world of French haute couture just after WWII and filmed in both Wales and France is the latest project to film there.

Ivan Dunleavy, Pinewood Group Plc's chief executive, said: "We believe Pinewood has the potential to build on the strong performance of the last few years to grow further both in the UK and internationally.

"The board is now looking to identify the best ways to create the appropriate capital structure to allow the company to realise its goals in the best interests of shareholders."

It's more that the whole thing, the whole of Pinewood, is potentially going to be up for sale. The thread title does initially make you think that Pinewood are thinking to sell the Welsh site specifically and although that could happen it isn't specifically what today's press statements are about. I think that is what Simon was saying.

It is worrying it is up for sale is it not? This pinewood Wales was sold as a pinewood project?

But it isn't up for sale yet and is one of many options, they say that themselves. I'd be worried if it was closed down as a facility with a loss of jobs, there's nothing in any of the articles to imply that. Even a sale of the Welsh or one of their other facilities isn't necessarly worrying if someone else buys it and continues to attract film productions there. South Wales is growing as a location for filming with a decent reputation, just look at the fact that Fox Studios has invested here recently and that Amazon are using the very facility you are worried about.

They even say in the article that they are pleased with the Welsh site.

Thats the thing that I'm pleased by, the area isn't just being used to make films by small organisations. Both Fox and Amazon have been involved recently and I think that's a big deal personally.

I'll start getting concerned when they say they are closing it.

Something to add to above is I'd forgotten that they don't even own the studios in Wentloog anyway, they are rented from the Welsh Government, as pointed out here where it mentions the next season of Sherlock being filmed at Pinewood.

http://www.walesonline.co.uk/business/business-news/sherlock-season-4-set-filmed-10874146

It seems to be doing alright at the moment, between the BBC now using it for this as well as Amazon. Even if Pinewood were to give up their lease on it maybe BBC Drama could use it more heavily alongisde the Roath Lock studios, and someone else could take on the running of it to allow companies like Amazon and the BBC to use it, likewise Fox who have taken a lease on Dragon Studios in Llanharan.

Filming in the region as a whole for drama and films seems to be doing fairly well at the moment.