Studios to run £25m movie development fund

Pinewood Shepperton isn't just playing host to the filmmakers – now it is investing in the movies.

The film studios group is taking over the running of a £25m movie development fund on behalf of the Isle of Man government.

The fund has already backed Oscar-nominated animation Chico & Rita and BBC2 television thriller The Shadow Line.

Pinewood already has a small pot of cash it uses to back a handful of low-budget British films every year. This new fund supports productions that are shot wholly or in part on the Isle of Man. As part of the deal, the Manx government is also seeking parliamentary approval for it to acquire a stake of up to 19.9 per cent in the studio group.