12th May 2005 10:57
Pinewood Shepperton plc12 May 2005 12th May 2005 Pinewood Shepperton plc announces the approval of development plans at Pinewood Studios As set out at the time of our IPO we are pursuing a long term strategy ofenhancing the studios at Pinewood and Shepperton. Pinewood Shepperton plc todayannounces that South Bucks District Council has approved plans to redevelop,expand and enhance Pinewood Studios. The plans propose the development of94,700 sq.m (1.02m sq.ft) of new state-of-the-art studio facilities, includingstages, post-production, workshops and production office space. Allowing forreplacement of 27,500 sq.m of existing facilities, the net increase of 67,200 sq.m on completion will then provide up to 169,000 sq.m of facilities for mediaproduction at Pinewood. On the 11th May South Bucks District Council resolved to grant outline planningpermission subject to usual planning conditions for the development followingextensive public consultation, negotiation with the local authorities, and thecompletion of a full environmental impact assessment. The Company now therefore has an exciting opportunity to implement the plans forthe studios, which are expected to be phased over a 10-year period, throughoutwhich the studios will remain fully operational. Ivan Dunleavy, Chief Executive, Pinewood Shepperton plc, commented: "Ourbusiness at Pinewood Studios plays host to some of the world's best film andtelevision production. In recent years, we have been constrained by an inabilityto provide services to many of our customers. This approval represents anothersignificant step to ensuring our business remains the market-leading mediaservices provider in Europe. We will continue with our similar application inrespect of Shepperton Studios." - ENDS - Enquiries Simon Sporborg Brunswick Group LLP 020 7404 5959James Olley Notes to Editors: •The masterplan has been designed by architects Burland TM. •DTZ acted as property advisors, planning consultants and project managers. Pinewood Shepperton is the leading European provider of studio and relatedservices to the film and television industries encompassing 34 stages, 2 digitaltelevision studios, 14 sound theatres, production offices, workshops, an outdoorpaddock tank, an underwater filming stage and four backlots for set building.Accommodation is provided to over 200 businesses which benefit from beinglocated at Pinewood or Shepperton Studios. Film Stage ServicesPinewood Shepperton derives income from the rental of its 34 stages for film andfilmed television production. Additional ancillary services such as art anddesign facilities, utilities, consumables, specialised workshops and productionoffices are also provided. Television and Sound ServicesPinewood Television has two dedicated digital television studios, which wereintroduced during 2001 to diversify revenue streams. Since that date PinewoodTelevision has established itself as a recognised provider of digital televisionfacilities and has played host to a cross section of major productions. On 1stApril 2005 Pinewood Shepperton announced the acquisition of the business andassets of Teddington Studios. This represented an extension of the existingtelevision and sound services business. Pinewood Shepperton has 13 dedicated audio mixing and recording theatres and apreview theatre that offer a range of facilities. Customers have access to highspeed broadband secure networks which provide fast and reliable file transferbetween the studios and global locations. Media Park IncomePinewood Shepperton hosts over 200 businesses at its two studios on leasearrangements ranging from six months to five years. These businesses aregenerally media related and view Pinewood Shepperton as a media community,providing them with a readily accessible market for their businesses. Thefacilities are also let to production companies on a flexible basis which givesrise to low vacancy rates. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
PWS.L