Brunswick partner Tom Buchanan heads the account, reporting to Pinewood chief executive Ivan Dunleavy and chairman Michael Grade. Plans for the flotation, which was announced last week, are in their early stages but Pinewood plans to raise around £50m through the listing which will be used pay off debt. The enterprise value (break-up value) of the business has been put at £140m.
Pinewood has appointed broker Cazenove as its financial adviser. Much of the investor relations and financial comms drive is likely to highlight to institutional investors the increasing demand for film and TV, which could create more demand for Pinewood’s facilities.
Last year, Pinewood Shepperton had a turnover of £37.9m and an operating profit of £10.9m. Pinewood is 60 per cent owned by FTSE 100 venture capital group 3i, which backed Grade and Dunleavy’s management buy-out of Pinewood four years ago as well as the company’s subsequent acquisition of Shepperton.
Last week, Grade was confirmed as the new chairman of the BBC and will remain non-executive chairman of Pinewood after the flotation.