Buckinghamshire Thames Valley Local Enterprise Partnership (BTVLEP) is delighted with recent confirmation that the Secretary of State for Communities and Local Government has granted planning permission for £200m expansion plans at Pinewood Studios to secure the future growth of the studios and address the clear need for additional capacity in the UK.
Alex Pratt, OBE Chair of the Buckinghamshire Thames Valley Local Enterprise Partnership and National Chairman of the LEP Network, said: "We are delighted with this news to expand Pinewood Studios. This development at Pinewood supports all the headline economic objectives in BTVLEPs plan for sustainable economic growth; it will bring forward jobs, growth, infrastructure, and will develop home grown skills to enable this industry, which has been identified as being of national economic importance to continue to compete with a strengthening competitive field."
Alex added: “This development is of national importance if the UK is to retain its position as a world leader in the creative sector and is to be able to provide a strong foundation for growth of the UK film and TV industry, a contributor of some £4bn to UK plc. Without this development Pinewood would be unable to meet industry needs and take up lucrative opportunities."
Commenting on the announcement, Ivan Dunleavy, Chief Executive of Pinewood Shepperton plc said: “Our project builds on the success of the Government’s policy for the creative industries and addresses the shortage of stage space in the UK. As a result of today’s green light from the Secretary of State, thousands of much needed new jobs will be created in this growing sector of the economy. We want to begin construction as soon as possible. I’d like to thank colleagues both within and outside the industry, for the tremendous support they have given the project.”
This £200m private capital investment in local productive capacity will help to create over 3,000 UK new high value adding jobs and support over 8,000 jobs in total, generating around £400m GVA and nearly £100m in export income per annum, as well as over £90m in taxation. This is likely to be one of the largest single projects to impact on the local and national economies in South Bucks in our lifetime.