Tue, 20 Jul 2010 | DIVISION SALE
Subtitles producer Independent Television Facilities Centre (ITFC) has been put up for sale for a reported £15 million after its parent company fell into administration.
The former subsidiary of ITV produces subtitles and audio descriptions of films. Recent projects include Inception and Shutter Island, both of which star Leonardo DiCaprio. Past films include Harry Potter, Clash of the Titans and Shrek. It also works on television programmes and has contracts with ITV and Five.
The London business was sold by ITV to the US-based Medici Group for £8 million in 2007 as part of a drive to streamline the company.
The disposal is being managed by ITFC's administrator Grant Thornton, and has already attracted much interest. Former BBC arm and subtitle producer, Red Bee Media, is thought likely to put in a bid offer.
ITFC was launched in 1976 and today has a total of 150 staff. Its services also include sound mixing, foreign language translations and videotape copying facilities.
Its last recorded accounts show a pre-tax loss of £4 million for the year to 31 December 2008.
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