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Pinewood Shepperton shares drop after it loses Project Pinewood planning application

Film group wanted to build replicas of major cities, where people could live when not used for filming

Shares in Pinewood Shepperton have slumped more than 6% after it lost a planning application to develop its Buckingham site.

The film studio, now majority owned by property group Peel and jewellery group Warren James, wanted to build Project Pinewood, with replicas of city centres like Paris, Venice and New York. The £200m development was to allow people to live in the buildings when they were not used for filming. But the plans ran into protests from neighbours, who feared for their local villages and the increased traffic and possible damage to the green belt.

Now the secretary of state for communities and local government has refused planning permission. Pinewood said its investment and costs so far were not material to its long term prospects, and it would continue to implement planning consents at its studios. It is best known for the Harry Potter and James Bond films, and recently hosted Ridley Scott’s new science fiction epic Prometheus.

Pinewood’s shares – which may be delisted at some point following the takeover – have fallen 7.5p to 265p on the planning news. © 2012 Guardian News and Media Limited or its affiliated companies. All rights reserved. | Use of this content is subject to our Terms & Conditions | More Feeds