Pinewood Studios: Business Case and Economic Impact Assessment

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Pinewood Studios LtdPinewood Studios: Business Case and Economic Impact AssessmentJanuary 2013ContentsExecutive Summary ................................................................................................................ i1 Introduction ................................................................................................................... 11.1 Overview ....................................................................................................................................... 11.2 Approach ....................................................................................................................................... 21.3 Structure of report ........................................................................................................................ 32 Pinewood Studios ........................................................................................................... 42.1 Introduction .................................................................................................................................. 42.2 Location and history ...................................................................................................................... 42.3 Current facilities and investment .................................................................................................. 42.4 Pinewood’s core business ............................................................................................................. 72.5 Pinewood recent financial performance ...................................................................................... 82.6 Recent productions ..................................................................................................................... 123 Business case for expansion .......................................................................................... 143.1 Introduction ................................................................................................................................ 143.2 Market assessment - creative, film and screen-based industries ............................................... 143.3 Business plan ............................................................................................................................... 263.4 The PSDF proposals ..................................................................................................................... 273.5 Reference case – PSDF application not granted ......................................................................... 314 Economic impacts and contribution to policy objectives ................................................ 334.1 Introduction ................................................................................................................................ 334.2 Economic contribution of Pinewood and the PSDF .................................................................... 334.3 Impact assessment methodology ............................................................................................... 384.4 Current economic importance .................................................................................................... 454.5 PSDF economic impact ................................................................................................................ 504.6 PSDF’s contribution to UK growth and wider policy objectives ................................................. 625 Conclusions .................................................................................................................. 71
Pinewood Studios LtdPinewood Studios: Business Case and Economic Impact AssessmentJanuary 20131 Introduction1.1 Overview1.1.1 AMION Consulting (AMION) was appointed to investigate the market and explore demand andother drivers in order to review and contribute to an investment plan for Pinewood StudiosLimited (PSL) and to assess the likely economic impact of proposals to expand its facilities atPinewood Studios, Iver Heath, South Bucks (Pinewood). This work has been carried out inparallel with other studies including a quantitative and qualitative review of the existingPinewood facilities by CBRE and market analysis by PricewaterhouseCoopers (PwC). Theseworkstreams have collectively identified the quantity and mix of additional facilities needed atPinewood in order for it to compete in a dynamic global market. The resulting proposedPinewood Studios Development Framework (PSDF) will comprise the development of newsound stages, new workshop and production suites, associated office accommodation andaccess roads, car parking and infrastructure works. The vision is to expand Pinewood Studios’creative hub of screen-based media facilities, services, skills and technology to meet thedemands of the 21 st Century.1.1.2 Pinewood is recognised globally as one of the ‘premier’ brands in the creative industries and forinternational producers. Pinewood is often their first choice for making large feature films. In2011 fourteen films were made using Pinewood’s production facilities - of these, six hadestimated budgets in excess of $100 million each and combined box office receipts of $3.8billion. Pinewood also attracts a range of television and other screen-based activities, includingadvertising commercials, video games, animation and music videos.1.1.3 There is increasing demand for content and studio space to deliver film, television and otherscreen-based productions. However, Pinewood’s capacity is constrained and it is finding moreand more that large-scale productions cannot be accommodated as they increasingly requirelarger sound stages and more ancillary workshop and office space. The PSDF developmentproposals will enable Pinewood to meet the growing demand and evolving needs of the screenbasedindustries and remain a leader in an increasingly competitive global market.1.1.4 The expansion of Pinewood will also contribute significantly to the UK Government’s economicpolicy objectives. It will directly support the ambitions set out within the Government’s Plan forGrowth, particularly in terms of enhancing the competitiveness of the UK economy, and willplay a key role in maximising the significant and proven potential of the creative industriessector to boost investment and exports.1.1.5 The purpose of this report is to set out the business case for the project and to examine andquantify its impacts in terms of private sector investment, employment, Gross Value Added,contributions to the Exchequer and to exports and trade.1.1.6 The economic impact assessment follows the HM Treasury’s guidance on Appraisal andEvaluation in Central Government (the ‘Green Book’). The assessment has sought to estimateboth the gross and net additional impact of the project, in line with guidance. Consequently,consideration has been given to who is likely to secure the benefits generated, the level ofactivity that might be displaced and the possible multiplier effects that could be realised.1
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