Tuesday 27 September 2016

Property fund given licence to take over Pinewood Studios in £323m deal

Published 30/08/2016 | 08:06

The Financial Conduct Authority has approved a deal by Aermont Capital to acquire Pinewood Studios
The Financial Conduct Authority has approved a deal by Aermont Capital to acquire Pinewood Studios

The proposed takeover of Pinewood Studios by an international property fund for £323 million has been given the green light by Britain's financial regulator.

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The Financial Conduct Authority (FCA) has rubber-stamped the deal by Aermont Capital, headed up by French property tycoon Leon Bressler, to acquire the famous home of the James Bond and Star Wars films.

" The boards of directors of Bidco and Pinewood are pleased to announce that they have received approval from the FCA," the firms said in a statement.

Shareholders will now vote on the deal on September 19.

In July, Pinewood said the plunge in sterling following Britain's decision to quit the European Union would give it a boost, adding that the impact of Brexit would be "largely mitigated" as its most significant customers are based in the US.

Chief executive Ivan Dunleavy said at the time: "The result of the UK's referendum on membership of the EU is now known. In the context of our business, the decline in the sterling exchange rate is undoubtedly positive for our international customers."

Revenues at Pinewood, which is based in Iver Heath, Buckinghamshire, grew 10.9% to £83.2 million last year while operating profit soared 136.3% to £13.6 million.

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