Corrie owner improves studio offer

Peel already owns almost 30 per cent of the studios firm and has increased its offer by around £8m in the face of rival takeover interest from former Harrods owner Mohamed al Fayed.

The board of Pinewood, led by Sir Michael Grade, said Peel had been a supportive shareholder and the takeover proposal provided the business with the long-term stability it needed.

The 75-year-old business is planning an ambitious £20m Project Pinewood expansion at its studios in Buckinghamshire that will see it build new facilities that it expects to be on a par with those found in Hollywood. Peel said it expected Pinewood to operate independently of its own media assets.