Pinewood Studios: Business Case and Economic Impact Assessment

Executive SummaryIntroductionPinewood Studios LtdPinewood Studios: Business Case and Economic Impact AssessmentJanuary 20131. This report presents the business case for expansion of facilities at Pinewood Studios Limited(PSL) and the likely economic impact of the proposed Pinewood Studios DevelopmentFramework (PSDF), which comprises the development of new sound stages, new workshop andproduction suites, associated office accommodation and access roads, car parking andinfrastructure works. A qualitative and quantitative review of the existing Pinewood facilities byCBRE and market analysis by PricewaterhouseCoopers LLP (PwC) have been used to identify themix of additional facilities needed to enable Pinewood to meet the growing demand andevolving needs of the screen-based industries and remain a leader in an increasingly competitiveglobal market.2. Projections 1 demonstrate that there is increasing demand for content and studio space todeliver film, television and other screen-based productions. However, at present Pinewood’scapacity is constrained and it is becoming increasingly difficult to accommodate large scaleproductions concurrently, as producers require larger and higher sound stages and moreancillary space to make their films. The PSDF development will enable Pinewood to meet thisdemand, and in doing so will secure and strengthen its position within the international marketplace. Furthermore, the expansion of Pinewood will also make a significant contribution to theUK Government’s economic growth objectives as set out in the Plan for Growth, by enhancingthe competitiveness of a key growth sector and maximising the proven potential of the creativeindustries sector to boost investment and exports.3. The report, which forms part of a suite of documents that will be used to support a planningapplication for PSDF, presents:an overview of Pinewood - describing its location, core activities, history, currentaccommodation, recent investments and performance;the business case for the proposed expansion and a description of the project proposals;the economic and wider impacts of delivering the PSDF project and its contribution tomeeting Government policy objectives; andoverall conclusions regarding the proposed development.PSL core activities and recent performance4. PSL is located in the south east of England in the county of Buckinghamshire to the western sideof the village of Iver Heath, 30km (19 miles) outside central London. Pinewood film studios wasbuilt on the estate of Heatherden Hall and opened in 1936. In 2000, the Rank Group soldPinewood to a group which subsequently formed Pinewood Shepperton plc with both UK andinternational interests.1 PwC – Pinewood Studios: Market Review (Document Number 6)i