Independent producer Greenlit enters administration
Its parent company, Target Entertainment, was sold yesterday to DVD distributor Metrodrome for £800,000. The sale did not include Greenlit.
BDO Stoy Hayward, which was brought in to manage the sale of Target, is now Greenlit’s administrator. The four Greenlit employees have been made redundant.
The founder of the company, Jill Green, sold the business to Target Entertainment in February 2008, but stayed on with the firm in the role of managing director.
It is believed that Green resigned in July as Target had breached the “original terms of our agreement relating to the sale of the business”.
Metrodrome chairman Mark Webster commented on the situation: “Metrodrome Group very much wanted to include Jill Green and Greenlit as part of the acquisition, but could not reach an agreement that suited all parties.”
Greenlit’s latest accounts reveal a £598,618 profit achieved for 2007.
The sale of Target Entertainment included its sister businesses Target US and Pink Sands.
It is understood that Jill Green is attempting to secure the rights to Foyle’s War.
Businesses for Sale
Do you want to gain access to the latest businesses for sale as well as all UK administrations, liquidations and all winding-up petitions?
Business Sale Report is your complete solution to finding great aquisition opportunities.
10 Biggest Buyer Mistakes
Fill in your details below to get our FREE guide