Pinewood to Review Situation After British Gov’t Rejects Expansion Proposals
LONDON – U.K. studio facilities group Pinewood Shepperton, listed here on the stock exchange, learned Friday its ambitious expansion plans, codenamed Project Pinewood, have been rejected by the Government.
The secretary of state for communities and local government refused planning permission for the $237 million expansion plans at the Pinewood site, home of the famous 007 sound stage, and current home to shoots including Skyfall.
The plans included the creation of permanent film sets, offices and homes on 110 acres including re-creations of San Francisco, New York's Tribeca neighborhood, New Orleans, Venice's Canale Grande as well as a Screen Craft Academy built in partnership with the National Film and Television School.
It is a heavyweight body blow for the studio’s ambitions for the project that has faced rejection and red lights from various quarters for over two years.
The studio expressed disappointment the Government has said no and said it “will now take time to review the decision in detail.”
The Company said its investment in the Project Pinewoodland and costs incurred for the planning application “are not material to the long term prospects of the Company.”
It will continue to implement its master planning consents at Pinewood and Shepperton studios and pursue its international strategy of developing studios overseas.