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Working Title’s headquarters in Oxford Street houses just over 40 employees. There are another seven in Los Angeles and a handful in Australia.

In 2002 — the most recent accounts posted at Companies House — the company turned over £11m, but the figure by itself is meaningless.

Each film is promoted as a separate company with its own financing, and, with four to six films in production most years, Working Title can indirectly employ 2,000 or more people in Britain, spending £250m a year.

“It’s the only business I know where you are constantly starting companies — films — from scratch, investing in them, making a product, selling it, distributing the profits, and then closing the company,” said Fellner.

The two chairmen’s income comes from taking a percentage of the film’s income — not only box office, but also merchandising and other revenue. They will not disclose how large the percentage is, but point out that if it was as large as some think, the success of Four Weddings alone would have seen them both retire to private tropical islands.

The focus on Four Weddings and a series of other Richard Curtis-scripted films has led critics to sneer at Working Title for relying on lightweight romantic comedies. Fellner rejects this, saying they try to have a mix of projects.

At any one time, 50 to 60 films are under development. The Interpreter, starring Nicole Kidman, which will shortly be released, has been in preparation for nearly 13 years. Industry gossip also suggests that its next two films, Wimbledon (set against the tennis championships) and the Bridget Jones sequel have had a difficult gestation, with the former having to have its release date put back and the latter also being postponed after faring badly in test screenings.

Fellner said both stories were rubbish. Wimbledon, which opens next month, stars Kirsten Dunst, the female lead in the big success of the summer, Spiderman II. “It would have been silly to put it out while the championships were playing,” he said. Bridget Jones will be out in November as planned.

“It’s now absolutely normal to do some reshooting and re- editing of a film,” said Bevan. Test scores normally improve between test screenings, and this Bridget Jones film is doing better than the first.”

The pair have frequently examined whether they might buy out the company or float it, but concluded that the business would hardly fit the normal template of a public company.

“It might make sense for us to do the financing independently, but the distribution link is very important. If Universal has an interest in a film, it is much less likely to go to the bottom of the distribution list,” Bevan said.

The boom-and-bust nature of the industry would make it difficult to fit the strictures of the City.

“We last looked at this when lots of dotcom companies were floating, and it would have been better for investors to put their money with us. But can you imagine us doing quarterly reporting? It would be nonsense,” said Fellner.

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