Developing nicely

In February 2000, Michael Grade led the management buy-in of Pinewood Studios.  The price paid was estimated at £62m.  The following year, they acquired Shepperton Studios, and in 2005, Teddington Studios.   Last week's takeover bid from the Peel Group values Pinewood Shepperton at £88m.

In May 2004, Michael Grade headed the public flotation of Pinewood Shepperton. Shares were offered at 180p and oversubscribed. The Guardian estimated Michael made £6m personally in the transaction; some of the success of the launch was down to the tv work the studios had acquired, including The Weakest Link and My Family, for the BBC.     Later in May 2004 Lord Grade was appointed Chairman of the BBC.  Some called for him to step down from Pinewood because of a perceived conflict of interest.

In June 2006, the BBC Governors selected Salford's MediaCityUK consortium as the preferred bidder for the Corporation's ambitions to move 1,500 staff north; the Peel Group became the BBC's development partners.  In 2007, Lord Grade left the BBC for ITV.

In November 2007, Project Pinewood was announced - a plan to create 15 permanent "streetscape" sets across 200 acres of green belt land next to Iver Heath, in a "live-work community", which would have 1,400 residential units and create 960 permanent jobs. By April 2008, Goodweather Investment, representing Peel Holdings, had acquired 20% of Pinewood's shares.

Project Pinewood was refused planning permission in 2009, but on 5th April this year, a 20-day planning inquiry began in Iver.  Lawyers for Pinewood trumpet the backing of director Ridley Scott, former Tory minister Steve Norris, and CEO of WPP Sir Martin Sorrell.   The plans are opposed by South Bucks Council and the Stop Project Pinewood Group.  

Goodweather Investments currently hold some 29% of Pinewood Shepperton's shares; in June 2010, Steven Underwood from Peel Holdings was invited on to the board as a non-executive director.  Last Friday Peel made a full takeover bid, at 190p a share. Another major shareholder in Pinewood, Crystal Amber, has previously been highly critical of Pinewood's management, but today director Richard Bernstein welcomed the bid: "We have always said we believe there is significant untapped potential [in Pinewood Shepperton], and we wish to see the unlocking of that value.”  CITYAM reckons the final price Peel will have to pay could be in the range 220-225p.

There's plenty more about Pinewood on Save The British Film Industry.com.   It notes that John Whittaker, boss of privately-held Peel Holdings and resident of Isle of Man, accompanied David Cameron on a business trip to China in November last year; and that David Cameron visited Peel's Wirral Waters project team in January this year.  Landmark Chambers, providing Pinewood's barristers for the planning inquiry, say "The case will be an early test of the Government’s new policy for giving ‘significant weight’ to proposals that will generate economic growth, as expressed in the Ministerial Statement Planning for Growth on 23rd March 2011".