PWS.L Regulatory News (PWS)

31 May 2013

Pinewood Studios Development Framework appeal

Pinewood Studios Ltd has today submitted to the Planning Inspectorate an appeal against the refusal of planning permission for the Pinewood Studios Development Framework (PSDF) by South Bucks District Council (SBDC) on 15 May 2013.

The PSDF is a scheme of national importance, designed to address the UK's lack of capacity to meet increasing global demand for production facilities and deliver growth for the next 15-20 years. It involves a substantial expansion of the existing Pinewood Studios by adding a total of 100,000 sq m of new core operational facilities, comprising studios and stages, workshops, production offices and streetscapes for filming.

The PSDF is a significant private sector infrastructure investment in the UK, consistent with Government policy to grow the UK's creative industries, promote growth and create new jobs. The PSDF is projected to have a positive impact by:

·; creating some 3,100 net additional jobs

·; providing £194m of private sector infrastructure investment

·; supporting over 8,100 full time jobs

·; producing an additional £149m in Gross Value Added (GVA) and £37m per annum of exports

·; providing an additional contribution of taxes to the Exchequer of £36m per annum 

Ivan Dunleavy, Pinewood Shepperton plc, Chief Executive said: "The need for Pinewood's expansion is more pressing now than it has ever been and the Pinewood Board remains committed to the Pinewood Studios Development Framework. In relation to this scheme the government has clarified its policy support for the screen based industries. The proposals have received overwhelming support from leading global figures and companies in the creative industries, business groups, national and local businesses and members of the local community. We expect a decision to be taken by the Secretary of State for Communities and Local Government by the end of the year."

-ENDS-

Enquiries

Notes to editors

·; Pinewood Shepperton plc is Europe's leading provider of stage and studio space

·; Pinewood, Shepperton and Teddington Studios together offer 34 stages, five dedicated digital television studios and five digital presentation studios

·; Pinewood and Shepperton Studios have been home to over 1,500 films in more than 75 years

·; Pinewood, Shepperton and Teddington Studios have hosted over 600 TV shows

·; There are over 250 independent, media related companies based at Pinewood and Shepperton's Media Hub

·; The Pinewood Group's international network of Studios includes Toronto, Canada; Berlin, Germany; Iskandar, Malaysia; Atlanta, Georgia, USA; and the Dominican Republic. The Group has an agreement in place with joint venture partner Seven Stars Media Limited in the growing entertainment market in China.

·; The Group now offers financing to UK film and television production as part of its growing range of services.

Forward looking statements

This announcement includes forward looking statements that are based on current expectations and assumptions. They involve risks and uncertainties and may differ, possibly materially, from actual results, performance and achievement. Neither the Company, nor any of its directors, undertakes any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

For more information

www.pinewoodgroup.com 

Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website, nor any other website, is incorporated into, or forms part of this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.