Peel enjoys ‘strong revenues’ at Pinewood

Peel Holdings' other media business, Pinewood Shepperton, has "performed strongly" since the Manchester-based group took control in July.

Peel, which also owns MediaCityUK, acquired a 71% stake in the famous film studios in the summer.

In an interim management statement Pinewood said trading and overall revenues had performed strongly in the four-and-a-half months since July 1.

Film revenues were in line with last year. During the period production started on the 23rd James Bond film, Skyfall, and the new Tim Burton film, Dark Shadows.

TV revenues were significantly ahead of last year due to demand for its large scale facilities.

The company said a Planning Inspectorate report into the £200m Project Pinewood scheme was delivered to Communities Secretary Eric Pickles on 17 October and it is now awaiting a response.

The proposed development would see 113 acres turned into workspace and 1,400 homes in the style of famous locations around the world which Pinewood plans to use as sets.

Peel is still keen to delist the business from the London Stock Exchange but did not acquire the 75% that would have enabled it to do so.

It was thwarted by Stockport-based jewellery chain Warren James Holdings which bought 27% of the shares as Peel was vying to take control.

Pinewood's management is now waiting to see if the Financial Services Authority will cancel the listing in recognition of the fact nearly all the shares are held by two groups.

The company is arguing this means it does not meet the public listing requirement to have at least 25% of the shares in the hands of the public.

Pinewood has studios in Pinewood in Buckinghamshire, and Shepperton and Teddington in Middlesex.

Shares in Pinewood dropped 5p to 205p by 10.20am on Tuesday.

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