Deal generates £16 million profit
The owner of Pinewood Studios has been sold.
Pinewood Group, in which the Isle of Man government owned a 4.99% share, has accepted an offer from French investment fund PW Real Estate, to the tune of £323 million.
It means the government has secured a profit of more than £16 million, after buying five million shares in the film complex in 2012 at £2.50 each.
Investment bank Rothschild led a strategic review of the sale earlier this year - PW says expansion remains the priority for Pinewood, and existing management will stay at the helm.
Retailer to stop selling 'untenable' newspapers and magazines
Hospitality boss says losing website address has 'massively' affected business
Businesses urged to exhibit at The Big Manx Feast
Laxey business owners hand keys to employees after 22 years in village
