Isle of Man News - POSTED Mon 17-02-2014

Pinewood news welcomed by government

by Joanne Clague

Pinewood news welcomed by government - picture

Treasury Minister Eddie Teare says an investment in Pinewood film studios by the Welsh government vindicates the Isle of Man's involvement.

The Manx Government has faced criticism over its investment in Pinewood Shepperton. But Mr Teare says today's news about the investment by Wales is a good sign for the company.

Pinewood is to manage a new £30million television and film investment fund for Wales and create a new facility called Pinewood Studio Wales to be developed at Cardiff Bay.

Mr Teare said: 'This is good news for the Island’s investment in Pinewood, showing that the company is continuing to develop strongly. Its combined advisory funds now total £55 million, making Pinewood one of the largest regional investment portals for new British television and film content. The fact that the Welsh Government is now following the Isle of Man’s example is an endorsement of our strategy of investing in media to diversify the Island’s economy, and our choice of Pinewood as a partner in pursuing that strategy.'

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