Pinewood Group plc ("Pinewood" or the "Company"), a leading provider of services to the global film and television industry, announced on 17 February 2014 that it signed an exclusive agreement (the "Agreement") with the Welsh Government to advise on its new £30 million television and film investment fund.
Under the terms of the Agreement, Pinewood will receive an annual fee and transaction based advisory fees for the fund. Pinewood will also be responsible for the promotion and marketing of the new media fund.
As part of the Agreement, the Welsh Government will acquire and fit out the former Energy Centre, Wentloog, adjacent to Cardiff Bay. It is intended to create a facility with four stages. Pinewood will enter into a lease for a minimum of five years with the Welsh Government for the Studio. The new facility will become known as 'Pinewood Studio Wales'. Pinewood will operate the Studio and contribute £0.8 million over five years for the purchase of equipment.
Ivan Dunleavy, Chief Executive Officer, Pinewood Group plc said at the time of release:
"We are delighted to have agreed with the Welsh Government to advise it on its television and film funding initiative. This builds on our success with Pinewood Pictures and managing the Isle of Man Treasury Film and Television Fund. Our combined advisory investment funds now total £55 million making them one of the largest investment portals for new British television and film content".
"The new fund together with the new facility will do much to boost the Welsh film and television sector. The fund is also another step forward for creating a sustainable UK film and television production centre".