Thu, 01 Mar 2012 | ADMINISTRATION
British media distribution company, Target Entertainment, has been put into administration by its parent company after efforts to secure its future failed.
The company was purchased by the Metrodome Group in August 2010 as a loss-making concern, but a spokesman for the larger company said that they could no longer support the losses of Target. Metrodome had been looking for a buyer for Target for the last two weeks, but announced today that they had made the “difficult decision” to put it into administration.
The spokesman said, “Given the tougher than expected trading conditions for Target, as highlighted in the trading update on December 21, 2011, the board believes there is little prospect of Target returning to profitability in the near future and, together with its advisers, has conducted a thorough review of the available options for Target.”
Administrators from BDO were appointed to the company on Tuesday, 28 February. The other Metrodome trading divisions – Metrodome Distribution and Hollywood Classics – are unaffected by the situation and remain in business.
Metrodome paid around £800,000 for Target in 2010, and planned to invest around £3 million in returning the business to profitability. The distributor represents around 4,000 hours of scripted, factual and children’s shows, including Fifi and the Flowertots, the Popstars formats and reality show Most Haunted.
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