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Pinewood mulls sale as part of strategic review

Pinewood mulls sale as part of strategic review
Staff Reporter
10 February 2016

Pinewood Group is carrying out a strategic review which could lead to a sale of the studio company.

Pinewood has appointed Rothschild to carry out a review.

"We believe there is a requirement for a funding strategy to be in place to fully realise the company's future potential," Pinewood said in a statement. It added that a sale of the company was one option on the table.

Pinewood said its current tightly held ownership base was stifling liquidity in its shares, hindering a plan to move to the main market of the London Stock Exchange.

Pinewood's biggest shareholder Peel Group owns about 40 percent and Warren James Holdings has a 26 percent stake.

Ivan Dunleavy, 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.”

Pinewood has enjoyed strong revenue growth in recent years thanks to the boom in film and television production in the UK. Pinewood now also has studios in the United States, Malaysia, Canada and the Dominican Republic.

Pinewood said that since the publication of its Interim Results on 1 December 2015, “film revenues have benefited from a robust growth in ancillary sales whilst also continuing to operate at high stage utilisation levels.”

It added that, “Television revenues have performed well in the second half of this financial year.”
Phase one of the studio’s expansion plan, which will add five new large sound stages and additional facilities totalling 300,000 sq. ft., was within budget and on schedule for completion in June 2016, Pinewood said.

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