Mon, 08 Apr 2024 | ADMINISTRATION
Two companies within the Stage 50 Group, a specialist in designing, building and operating boutique film and television studios, have fallen into administration. Interpath Advisory’s Steve Absolom and Nick Holloway were appointed as joint administrators to Stage 50 Ltd and Winnersh Film Studios Ltd on April 2.
The group, which is based across sites in Wycombe, Farnborough and Winnersh, also designs and creates purpose-built sound stages and provides specialist creative and technical production space and sound services.
The businesses suffered a detrimental impact on their cashflow as a result of recent writer and actor strikes in the film and TV industry. Senior secured lender SCIO-Fund SICAV-FIS subsequently took steps to stabilise the business, including the appointment of administrators.
The businesses will continue trading as normal while their options are assessed. The joint administrators added that other legal entities within the group were not currently in administration and would continue trading as usual.
Greg Branch, director of SCIO-Fund SICAV-FIS and CIO at SCIO Capital, said: "We remain fully committed to Stage 50’s model and vision of creating high-quality, innovative spaces for television and film makers.”
"Our priority is to stabilise the business and put in place a foundation upon which Winnersh Film Studios Ltd can move forward.”
Nick Holloway, managing director at Interpath Advisory and joint administrator, added: “The companies will continue to operate as normal while we assess their position.”
Stage 50 Ltd’s most recent accounts, for 2021, show fixed assets valued at close to £13.3 million and current assets of around £10.8 million. However, the company’s net liabilities at the time stood at nearly £1.1 million.
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