James Bond studio slumps to £3.9m loss

PINEWOOD Studios, home to iconic British film series including James Bond and Carry On, has reported an annual £3.9m loss, despite posting record revenues for 2011.

The studio enjoyed a bumper year of filming, with scenes for new Bond movie Skyfall and Tolkien adaptation The Hobbit shooting on its sets, but was hit by the government blocking its plans for expansion.

Pinewood had applied for permission to create a custom built film set comprising 1,400 permanent homes on a site at Iver Heath in Buckinghamshire.

But the Department for Communities and Local Government vetoed the plans, dubbed Project Pinewood, in January, leading to the studio booking an exceptional charge of £7.1m for development costs.

Pinewood had claimed the new set would have created 1,000 jobs – as well as providing 420 new, affordable homes within the film set.

The charge meant the company moved into the red despite a 17 per cent rise in revenues to hit £50.7m. Last year it made a profit of £5.8m.

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