In the week the Manx government announced it was selling half its holding in Pinewood Studios, a property and investment group with links to the Island says it’s selling a fifth of its shares.
Peel, set up by Manx entrepreneur John Whittaker, says it plans to divest itself of 19% of its stake – going from 58.1% ownership to 39.09%.
Peel is Pinewood’s largest shareholder and in a statement to the stock market, the film operation said the deal would raise £30 million.
The cash will be used to fund the first part of Pinewood’s £200 million expansion plans.
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