Pinewood Studios wants to make it in China
Forget making it in Hollywood – one of the biggest names in UK film is off to break…. China.
Pinewood, the studio best known as the home of James Bond and Star Wars, said today it has opened an office in Beijing.
The venture will be led by the company's international project executive, Amanda Halliday.
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The company said today it was heading east in response to increased demand in the "flourishing" Chinese market for its expertise in studio design and build, production services including post production, content development, marine services, education and training.
It added it is already providing consultancy to several Chinese film makers including Wanda Group, the Chinese conglomerate which was part of talks to buy Odeon cinemas earlier this summer, on the construction of Quingdao Oriental Movie Metropolis, a giant 45-stage studio complex due to open next year.
Andrew Smith, president of Pinewood China, said:
Pinewood has been working in China for a number of years and we have forged some strong relationships with film companies, content producers and games developers. A permanent presence in China is a key strategic element of Pinewood’s overall international strategy.
Yesterday the company's board voted in favour of a £323m takeover offer by Aermont Capital. In a statement it said 98.75 per cent of shareholders had voted in favour of the the takeover worth 560p in cash per share and a 3.2p dividend.
"Pinewood now has the prospect of a funding structure for the future," said Lord Grade of Yarmouth, Pinewood's chairman, when the offer was unveiled in August.
"The board is encouraged by the commitment [the bidders] have already shown to management, to Pinewood's strategy for growth, and to the future of the iconic Pinewood Studios."
Pinewood shares finished 0.27 per cent higher, at 559p.