The proposed takeover of Pinewood Studios by an international property fund for £323 million (€379m) has been given the green light by Britain's financial regulator.
The Financial Conduct Authority (FCA) has rubber-stamped the deal by Aermont Capital, headed by French property tycoon Leon Bressler, to acquire the famous home of the James Bond and Star Wars films.
“The boards of directors of Bidco and Pinewood are pleased to announce that they have received approval from the FCA,” the firms said in a statement. Shareholders will vote on the deal on September 19th.
In July, Pinewood said the plunge in sterling following Britain’s decision to quit the European Union would give it a boost, adding that the impact of Brexit would be “largely mitigated” as its most significant customers are based in the US.
Chief executive Ivan Dunleavy said at the time: "The result of the UK's referendum on membership of the EU is now known. In the context of our business, the decline in the sterling exchange rate is undoubtedly positive for our international customers."
Revenues at Pinewood, which is based in Buckinghamshire, grew 10.9 per cent to £83.2 million last year while operating profit soared 136.3 per cent to £13.6 million.
– PA
