£10.1 million profit from Pinewood deal

Deal defies critics

The Island’s investment in the film industry has officially ended – with a £10.1 million pounds profit.

Treasury has confirmed it has sold its remaining shares in the Pinewood Group, 18 months after it reduced its holding from just under ten per cent to almost five per cent.

The money will go into government reserves.

Manx government bought a 10 per cent stake in Pinewood Shepperton for £12.2 million in October 2012.

In July, Pinewood appointed Rothschild to help carry out a strategic review of its capital base and structure.