Pinewood investment made sense commercially

Minister who led deal admits surprise at profit level

A good commercial decision.

That is how the Island’s former Treasury Minister has described the Manx government's investment in Pinewood.

It paid almost £12.3 million for a 9.9 per cent stake in the Pinewood Group in 2012, selling almost half of the shares last year and the remaining stake earlier this month for a combined total of £22.4 million.

Eddie Teare admits, however, he didn’t expect the government would make a £10.1 million profit.