The Manx government officially has a 10 per cent stake in the British film studio Pinewood.

It’s been confirmed a ?12.23 million deal has been signed with the Treasury – that’s half of what was originally planned.

Government had been expected to buy a 20 per cent stake but Minister Eddie Teare says after ‘detailed and robust negotiations’, it has secured the ‘same benefits for less exposure’.

Pinewood Shepperton will source and advise on film and television opportunities for the Island's ?25 million investment fund over an initial five-year period.

The two will work together on co-productions such as the period drama, Belle, for which filming started on the Island last week.