Pinewood bracing itself for the loss of 'Watchmen'

Shares in the company plummet as news circulates that the big-budget production will be leaving the UK.

Apr  7 2005

The news that big-budget blockbuster 'The Watchmen' may not shoot at Pinewood Studios has seen share prices in Pinewood Shepperton plummet more than 15% in the last week.

Producer Lloyd Levin recently told Screen Daily that Paramount was being forced to relocate because of 'the expense of shooting in the UK with the exchange rate and the loss of certain rebates'.

He added: 'The feeling is that there might be a less expensive way to do it outside the UK, given the environment right now'.

However, because 'The Watchmen' is the biggest of several productions forced to delay or relocate from Pinewood since the Government altered tax incentives for filmmakers, the news has hit the company hard.

In a statement, Pinewood Shepperton said it 'will seek to procure alternative customers for the stages but is unlikely to be able to recover all the anticipated shortfall.'

'The Watchmen' is an adaptation of Alan Moore's acclaimed graphic novel, and despite this setback, the film is still slated to hit screens in the summer of 2006.

To find out what director Paul Greengrass ('The Bourne Supremacy') had to say about the project in a previous story, simply click here