Our client is a film and television post-production business that provides award winning services & state of the art facilities in the heart of London. They work with the likes of Netflix, Sky, & the BBC on some of the top series known to us all.
Unfortunately, the years of Covid coupled with US Actors’ strike, meant that too many long-standing projects were put on hold. Heavy losses led to poor cashflow and ultimately a need to call in advisors and undertake a formal process.
As management started to go through what became a pre-pack administration, they were referred to us by an insolvency practitioner with whom we’ve worked for over 20 years. Our role being to secure the working capital for the new company.
Roll forwards a couple of weeks, and literally as the term sheets were being handed out, our client called to say they had agreed terms to merge with another post-production business who was facing the same issues for the same reasons!
Net result is that the new topco is working really well, the vast majority of the jobs were saved and the business can thrive again. The company is now well financed both through investment and working capital facilities.
2025 revenues are expected to be £16M+, once the merged businesses & market have settled down.
Our associate Sean comments: “We were really pleased to work on this one. The turnaround market is well known to us, we react quickly, we have long standing relationships with many key players and our investor network like these situations. We wish our client all the best for the future.”
