U.K.'s Pinewood Pictures Expands Production Advisory Duties to Wales
LONDON – Pinewood Pictures, the film finance and distribution arm of U.K. studio facilities giant Pinewood Shepperton, will become a major voice in deciding which projects will benefit from a portion of the Welsh government’s $50 million (£30 million) Media Investment Budget.
Pinewood Shepperton announced a landmark deal with the Welsh Government that will see a new Pinewood studio established in Wales in February of this year. As part of that deal, Pinewood Pictures will widen its existing advisory portfolio to include the $50 million budget alongside its duties advising the $41.5 million (£25 million) Isle of Man Media development fund it has managed since 2012.
The Welsh government’s budget pledge will be available through Pinewood Pictures -- targeting film and television projects that can shoot 50 percent of principle photography in Wales.
The Media Investment Budget can be used in conjunction with the Isle of Man fund and with Pinewood equity investment, Pinewood Shepperton said.
The Welsh government will aim to support six to eight productions per year "and provide a substantial investment into U.K. creative industries while supporting the ongoing growth of the film and television business in Wales."
Pinewood Pictures’ Steve Christian said: "This deal will provide a major boost for the local economy, providing jobs and opportunities in the Welsh industry. We’re hugely excited to be working with the Welsh government, not only to further support quality British filmmaking but also to highlight the fantastic facilities that Wales can provide, soon to be complemented by the opening of Pinewood Studio Wales."
To date, Pinewood Pictures has invested Isle of Man funds into projects as diverse as Amma Asante’s Belle, Richard Shepard's Jude Law- and Richard E. Grant-starrer Dom Hemingway, Ron Scalpello’s Pressure and Spooks: The Greater Good, which is currently in preproduction.