Pinewood Studios has announced it is to double it's capacity as it has received £135 million ($200 million) in funding from a commercial banking syndicate led by Lloyds Commercial Banking.
Pinewood Studios, which has seen the filming of Star Wars: The Force Awakens, and will also reportedly host the shooting of Star Wars Episode VIII, has revealed the expansion plans have been made possible due to major motion picture productions such as Avengers: Age of Ultron, and Skyfall.
The new development will include five new large stages, ten workshops, two production offices, as well as necessary infrastructure to support the facility, and is expected to create over 3,000 jobs once fully operational.
Chris Naisby, finance director of Pinewood Group, which runs the studios, said "For almost 80 years our studios have been home to some of the most iconic films and TV shows ever made. We are looking to remain at the forefront of the industry by expanding our facilities to meet demand."
The plans were initially put forward several years ago, but were rejected by the government in 2012. It was redrafted and submitted again in 2013 but was rejected by the local council, but Pinewood won an appeal to the planning committee and was given the green light last year.
Nick Hughes from Lloyds Bank’s strategic finance also added, “Pinewood is a truly international brand that drives investment into the UK, and this new development will only reinforce its importance as a global centre of production for the screen industries.”