Svalta: Nick Frost & Simon Pegg slasher finds a killer offing the tourists, which the locals are fine with

Britain's favorite duo of Nick Frost and Simon Pegg are teaming up yet again. But instead of pairing up for another comedy, they're dipping into horror with the slasher Svalta (okay, there will likely be some laughs as well, knowing these two).

Through the pair's production company Stolen Picture, Svalta will finally come to life with the help of new multiplatform studio Wayward Entertainment, according to Deadline. Written by Frost, the film will focus on a family taking a nice little summer vacation at the titular remote island. Unfortunately for them, a serial killer also happens to be on the loose, and the locals apparently don't have much interest in helping the family survive. Whoops.

No word yet on whether Frost and Pegg plan on starring in the film, as they did in previous Stolen Picture project, Truth Seekers on Amazon. And of course, the duo is probably best known for their acting work in Edgar Wright's Cornetto Trilogy, which Pegg also co-wrote.

Svalta was previously in development at Orion Pictures, but was quietly put on ice. Under Wayward and its co-founder (and former Orion president) John Hegeman, the film is now swinging back to life, as the new studio will help produce and finance the film. In a statement to Deadline, Hegeman and co-founder Vince Totino both professed that they were "huge fans of Simon and Nick," while noting that "Svalta is is insanely entertaining and unique. We think genre fans are going to love it."

In a statement of their own, Frost and Pegg expressed excitement about partnering up with Wayward. "The indie world needs a home for adult based horror and alternative movies with such a high level of passion and expertise. This is going to be fun!" 

No production timeline for Svalta has been announced as of yet. Pegg and Frost's Stolen Picture also has two intriguing TV projects in the works: an adaptation of Harry Harrison's cult sci-fi novel Technicolor Time Machine starring Pegg, and an adaptation of Tim Walker's Smoke Over Malibu, a hipster mystery starring Game of Thrones' Kit Harington.