Almost £200 million of investment planned
The end of a deal with the Manx government is being cited as a factor behind a restructuring at Pinewood Studios.
Owner the Pinewood Group is focusing its operations on new studio spaces and soundstages, with almost £200 million of investment planned.
But its Pinewood Pictures financing arm, which at one time managed the Island's Media Development Fund for locally-made films, is to be wound up.
CEO Paul Golding told Variety magazine the conclusion of the agreement, which generated £10 million for Treasury coffers, prompted an overall scaling down of the operation.
A number of jobs are expected to go once Pinewood Pictures closes.
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