Pinewood Shepperton has taken full ownership of the company that owns the site and buildings of Shepperton Studios.

The Pinewood group has paid £36.8m to acquire insurance firm Aviva’s stake in Shepperton Studios Property Partnership (“SSPP”). The company was set up as a 50/50 joint venture between the insurance firm and the Pinewood group to hold and develop the land and buildings of Shepperton Studios.

The Shepperton buildings are sublet to Shepperton Studios Ltd, which is a wholly-owned subsidiary of the Pinewood group.

Pinewood Shepperton chief executive Ivan Dunleavy said the deal would give Pinewood “full control over the Shepperton site and future investment in the facilities there”.

The deal is made up of a cash payment to Aviva of £36.8 million, including the repayment and cancellation of £24.0 million of debt provided by Aviva.

Programmes based at Shepperton include 8 out of 10 Cats (pictured) and Red Dwarf.