Mon, 09 Dec 2013 | ADMINISTRATION
Three separate film companies in Newcastle – Dene Films, Ipso Facto Films and Qurios Entertainment - have stopped trading and been liquidated.
Steve Salam, the director of Dene Films, said his firm had been struggling for some time despite being highly successful in the past.
During better times, Dene Films was responsible for TV advertisements, programmes and corporate films. It won two gold awards at the US International Film and Video Festival in 2011 for its programmes – Last Cast and My Life: Stammer School, which was also nominated for a Bafta that year.
Trouble began when the firm took out a £650,000 loan to help it to grow as the double-dip recession took hold in 2010. Many of its regular clients subsequently cancelled, or cut their budgets, reducing its turnover by a third.
Despite overcoming its downturn and bouncing back to achieve higher revenues, Dene’s debts left it weakened.
Mr Salam has now created a new company called Future and Co. Films Ltd, and is setting about “building something from the ashes”.
Ipso Facto Films had been trading for a decade before being shut down recently, and Qurios Entertainment, behind shows including Spooks and Tracy Beaker Returns, folded after seeing work dry up.
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