Wed, 16 Jun 2010 | ADMINISTRATION
Welsh TV group Barcud Derwen has entered administration shortly after seeking essential funding from the Welsh Assembly Government for the loss-making business.
Being unable to continue trading with its weak cashflow, the group's directors had placed the company on the market, according to reports.
The group is now in administration and in the hands of Grant Thornton. 35 jobs have been lost at its Caernarfon operation, which has been closed, while the administrators work to sell the other businesses within a quick turnaround.
The businesses affected include Barcud Derwen Cyfyngedig, Barcud Derwen (Scotland) Ltd, Derwen Ltd, Awen Cyfyngedig, 422 Ltd and Eclipse (Creative) Ltd.
Alistair Wardell, partner at Grant Thornton in Cardiff, said the administrators are "encouraged by the response of possible purchasers and we continue to hold discussions with a number of them".
Thought to be the biggest television facilities group outside London, Barcud Derwen is the host broadcaster of coverage of the National Assembly in Cardiff Bay.
Barcud was established in 1982, before merging with Derwen in 1997 to become Barcud Derwen. For the period from last July to February 2010, the business reported pre-tax losses of £640,000 on revenues of £8m.
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