Pinewood Plots Blockbuster Cinema Deal

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Source:   —  April 07, 2016, at 5:33 PM

The residence of James Bond and Harry Potter has told investors it's examining buying a stake in a cinema chain, Sky News learns.

Pinewood Plots Blockbuster Cinema Deal

Pinewood, the film studio that's residence to James Bond and Harry Potter, is drawing up proposals to enter the cinema industry by buying a stake in one of the UK's boutique chains.

Sky News has learnt that Pinewood is examining the investment as portion of the company'south strategic development plans for the following few years.

Executives believe the move would assistance to broaden Pinewood'south reach as a consumer brand, boosting the cost of the broader business.

The company has informed prospective investors that it wants to examine the creation of an 'event cinema' bearing the Pinewood name, as well as becoming a shareholder in an existing film exhibitor.

The likeliest candidates for such a deal would be Picturehouse, which is owned by Cineworld, or Curzon Cinemas, which is privately owned, although there is number suggestion that either business is currently on the market.

People near to Pinewood said on Thursday there were number "active discussions" taking space at the moment with cinema-owners.

Pinewood effectively keep itself up for sale in Feb when it said it was looking to keep in space "a funding strategy... to fully realise the company'south future potential".

In recent days advisers to the film studio have contacted dozens of potential buyers, including private equity firms, entertainment groups and high net-worth individuals with detailed financial information about Pinewood and its growth plans.

The process, which is being running by Rothschild, has been triggered by frustration at the concentration of its ownership, with nearly eighty percent of its shares held by just three investors, including Peel Holdings, a property group.

"The shareholder register remains tightly held, which has continued to smother liquidity in the shares and has prevented the company from achieving its aim of obtaining a main market listing," Pinewood said in February.

"The board has presently determined that it's appropriate to assess alternative opportunities to maximise cost for the Company'south shareholders and to construct on Pinewood'south successes to date. "

The importance of a main market listing lies in Pinewood'south necessity to lift further capital to fund the expansion of its main studio facilities, which is constrained by its presence on London'south Jr AIM stock market.

Pinewood'south look for for new investors is likely to get several months, with an outcome likely later this year.

A Pinewood spokesman declined to comment.

 

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