Buckinghamshire film studios Pinewood Shepperton has confirmed that it has been subject to an approach from Peel Holdings for the company's entire share capital.

Manchester-based Peel Holdings currently holds a 29.78 per cent in Pinewood Shepperton, although the Pinewood board said there was no guarantee that a bid would be forthcoming. The announcement comes days after a planning inquiry into Project Pinewood commenced, with the proposals having been rejected by local councillors in October 2009.

Project Pinewood will include the creation of a purpose-built working and living community for the creative industries and a number of iconic streetscapes from around the world. The 44-hectare (109-acre) development proposals also includes a multi-purpose community venue; indoor and outdoor sports facilities; a cinema; a theatre; and public open spaces.

Pinewood Studios group director of corporate affairs Andrew M Smith said: "Our proposals for Project Pinewood are even more relevant now than when originally tabled. "The project will create approximately 960 permanent jobs, which is significant as the economy continues to slowly recover from recession."

Image: Streetscapes including Venice would have been created as part of the scheme