TREASURY Minister Eddie Teare MHK believes the island is already reaping the rewards of its partnership with Pinewood Shepperton.
Treasury signed an agreement in October to transfer management of the £25 million film and television investment fund to Pinewood Film Advisors Ltd for an initial five years – and to buy 9.89 per cent shareholding in Pinewood Shepperton plc at a cost of £12,230,000, funded out of reserves.
The deal continues to prove controversial.
Mr Teare said there was a number of exciting projects in the pipeline for 2013 and beyond.
As well as hosting Hollywood blockbusters and UK independent films, Pinewood’s facilities are also in demand for a wide range of television and creative projects.
A long-term contract has recently been agreed to broadcast BBC1’s flagship Saturday night National Lottery show from purpose-built studios at Pinewood, starting on 1 January, 2013.
Mr Teare said: ‘Pinewood is set to play a part in several joint film productions in the New Year and is also attracting a lot of high-profile TV business, as demonstrated by the tie-up with Camelot and the BBC for the National Lottery programme.
‘It is clear that the company has a very healthy order book and plans for further expansion and growth.
‘Our partnership with Pinewood means the Isle of Man is well placed to benefit from this success, both as a shareholder and through investments made via the Media Development Fund.
‘Our link with Pinewood gives the Isle of Man exposure to the full spectrum of media and wider creative industries.
‘Films are obviously a key part of its core business, but the company is also focused on diversifying into other growth areas and is investing in the future with confidence.
‘This sits well with the Isle of Man Government’s strategy of developing niche sectors.’