IoM deal behind Pinewood restructure

Almost £200 million of investment planned

The end of a deal with the Manx government is being cited as a factor behind a restructuring at Pinewood Studios.

Owner the Pinewood Group is focusing its operations on new studio spaces and soundstages, with almost £200 million of investment planned.

But its Pinewood Pictures financing arm, which at one time managed the Island's Media Development Fund for locally-made films, is to be wound up.

CEO Paul Golding told Variety magazine the conclusion of the agreement, which generated £10 million for Treasury coffers, prompted an overall scaling down of the operation.

A number of jobs are expected to go once Pinewood Pictures closes.