PWS.L Regulatory News (PWS)

16 Aug 2005 17:51

Pinewood Shepperton plc16 August 2005 16 August 2005 Pinewood Shepperton plc announces the approval of development plans at Shepperton Studios As we indicated at the time of our IPO, we are pursuing a long term strategy ofenhancing the facilities available at the studios at Pinewood and Shepperton.Accordingly, on 15 August 2005 Spelthorne Borough Council, following extensivepublic consultation, negotiation with the local authorities and the completionof a full environmental impact assessment, has resolved to grant outlineplanning permission subject to usual planning conditions for plans to redevelop,expand and enhance Shepperton Studios. The plans propose the development of 77,710 square metres (836,470 square foot)of new state-of-the-art studio facilities, including stages, post production,workshops and production office space. Allowing for replacement of 30,830 sq. m (331,854 sq. ft) of existingfacilities, the net increase of 46,880 sq. m (504,616 sq. ft) on completion willthen provide up to 106,550 sq. m (1.34 million sq. ft) of facilities for mediaservices at Shepperton Studios. This now represents the successful conclusion of the applications for outlineconsent at each of Pinewood studios and Shepperton studios. The Company now therefore has an exciting opportunity to implement these plansfor Shepperton together with those for Pinewood Studios allowing yet furtherintegration of the company's three studios at Pinewood, Shepperton andTeddington to be phased over a 10 year period. Ivan Dunleavy, Chief Executive, Pinewood Shepperton plc, commented: "SheppertonStudios has a long history of hosting acclaimed media productions but hasrecently been constrained by the age and scale of some of the originalfacilities. This planning approval at Shepperton Studios together with theapproval at Pinewood Studios in May this year total 172,410 sq. m (1.85 millionsq. ft) of new state-of-the-art facilities representing a further significantstep to ensuring our business remains a market-leading media service provider." Enquiries: Brunswick Group LLP James Olley / Dominic McMullan 020 7404 5959 Notes to Editors: • The masterplan has been designed by architects Burland TM. • DTZ acted as property advisors, planning consultants and project managers. Pinewood Shepperton is the leading European provider of studio and relatedservices to the film and television industries encompassing 34 stages, 2 digitaltelevision studios, 14 sound theatres, production offices, workshops, an outdoorpaddock tank, an underwater filming stage and four backlots for set building.Accommodation is provided to over 200 businesses which benefit from beinglocated at Pinewood or Shepperton Studios. Film Stage Services Pinewood Shepperton derives income from the rental of its 34 stages for film andfilmed television production. Additional ancillary services such as art anddesign facilities, utilities, consumables, specialised workshops and productionoffices are also provided. Television and Sound Services Pinewood Television has two dedicated digital television studios, which wereintroduced during 2001 to diversify revenue streams. Since that date PinewoodTelevision has established itself as a recognised provider of digital televisionfacilities and has played host to a cross section of major productions. On 1stApril 2005 Pinewood Shepperton announced the acquisition of the business andassets of Teddington Studios. This represented an extension of the existingtelevision and sound services business. Pinewood Shepperton has 13 dedicated audio mixing and recording theatres and apreview theatre that offer a range of facilities. Customers have access to highspeed broadband secure networks which provide fast and reliable file transferbetween the studios and global locations. Media Park Income Pinewood Shepperton hosts over 200 businesses at its two studios on leasearrangements ranging from six months to five years. These businesses aregenerally media related and view Pinewood Shepperton as a media community,providing them with a readily accessible market for their businesses. Thefacilities are also let to production companies on a flexible basis which givesrise to low vacancy rates. This information is provided by RNS The company news service from the London Stock Exchange