Isle of Man sells 50% of Pinewood Studio shares

Sci-fi movie Robot Overlords was filmed partly in the Isle of Man and partly in County Antrim, Northern Ireland

The Isle of Man government has sold about half of its shares in Pinewood Shepperton Studios, according to the Manx treasury.

The deal, announced on Tuesday, has reduced the island's holding in Pinewood from 9.9% to 4.99%.

The sale yielded £7.6m and has resulted in a profit of about £2.5m.

Treasury Minister Eddie Teare said: "There is no change to our relationship with Pinewood, this move has been in full consultation with the company."

He added: "Films will still be coming to the Isle of Man, in fact I hope to make an announcement in the near future about this - but I can tell you, there will be more activity".

The Isle of Man's shareholding in Pinewood Studios is currently valued at about £10.7m.

Films produced on the island as a result of the Pinewood deal include and Robot Overlords.

Pinewood Shepperton Studios in Buckinghamshire have produced more than 1,500 films over 76 years.

They were used to film the James Bond film, Skyfall, as well as the Oscar-nominated hit Les Miserables.