Pinewood to invest in British film

 
Steve Dinneen
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PINEWOOD Studios says it will set aside millions over the next few years to help finance small British films.

The firm says it will invest heavily in productions with a budget of around £2-3m, saying it was keen to get involved in the next surprise hit like The King’s Speech.

It will snap up a 20 per cent stake of small productions, with a total annual investment of around £1.6m.

The scheme is a throwback to its days as a major UK production financier. Its studios are now better known for hosting blockbusters including Casino Royale and Harry Potter.

It said its revenues for 2010 were eight per cent higher at £43.4m, with film revenues of £29.1m making up the bulk, helped by big-budget hits such as Pirates of the Caribbean: On Stranger Tides.

TV revenues were down slightly, falling from £11.3m to £8.2m. Pinewood was hurt by ITV and the BBC deciding to film more productions at their own in-house studio facilities.

Chairman Michael Grade said: “The company has produced strong results as it has tackled head on increased international competition.”