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  1. ITV Report

Cardiff's Pinewood Studio costing taxpayer almost £400,000 per year

Credit: ITV News

Pinewood film studio in Cardiff is costing the taxpayer almost £400,000 a year, according to a Welsh audit report.

The report has revealed the Welsh Government made a three-year 'management service agreement' with Pinewood which started on 1 November 2017.

It said the estimated net cost of this agreement to the Welsh Government is almost £392,000 per year plus an additional annual management fee payable to Pinewood.

£392K
Estimated cost of Pinewood Studios to Welsh Government per year.

The studio opened in Wentloog in 2015, in a building formerly used by environmental company G24i.

In 2014, the First Minister Carwyn Jones said Pinewood would'boost Wales' film-making reputation' and attract major studios and producers to work in Wales.

£13.8m
has been invested into the studio.

Only 14 films and TV projects have been supported, recouping just £4.3 million of the investment, according to the Welsh audit report.

The studio has been used for productions including Sherlock and Journey's End.

Credit: ITV News

Our decision to bring Pinewood to Wales and to house a studio of this size and calibre here was widely recognised in 2014 as a significant economic opportunity that Wales could not afford to miss out on.

We have worked closely with Pinewood throughout their time here to get the best economic outcomes from this deal and we quite rightly relied on the company’s industry knowledge to select a site that best fulfilled their needs.

We remain proud of our association with Pinewood, and of the studio which is currently operating at full capacity and is home to Doctor Who, another TV production and a feature film. As commercial investments in film and television often take several years to fully repay, we expect to see further economic benefits as result of Pinewood’s successes.

Over the last five years our thriving creative industry has seen film and TV productions funded by Welsh Government - including those made by Pinewood - spending in excess of £100m in Wales, creating over 2000 full time equivalent job years here and benefitting local supply chains and hundreds of businesses.

– Welsh Government spokesperson