Pinewood Shepperton, which is around 70% owned by John Whittaker’s Peel Group, has announced that it has completed a £50m refinancing.
The firm has secured term and revolving facilities that mature in November 2016 with its existing banks, Lloyds TSB and Royal Bank of Scotland. They replace facilities worth £47m, which were due to expire next August.
In January, secretary of state Eric Pickles refused to grant planning consent for a £200m development at the firm’s Pinewood Studios site in Buckinghamshire. The firm announced earlier this month that it was embarking on a consultation on the future of the site.
Pinewood Shepperton today also filed an adjusted consolidated income statement for the 15-month period to 31 March 2012, which takes into account exceptional costs incurred over the five years to 31 December 2011, including the write-off of £7.1m for the Project Pinewood scheme.
It also shows that the firm incurred costs of £2.4m relating to the acquisition of a majority shareholding by Peel.
The company reported that pretax profit from its underlying operations was £9.5m, up from £5.8m in the year to 31 December 2010. In March, the firm reported a full year pretax loss of £3.9m on the back of £12m of exceptional charges.
daniel.cunningham@estatesgazette.com
