Teddington Studios, the location for many of the UK’s best-known TV shows, has been sold to Pinewood Shepperton as a going concern to for £2.7m and will still be used for recordings, according to administrators Numerica.
Nick O’Reilly, joint administrator and partner at Numerica business recovery group said the sale was an ‘excellent example of the new administration laws being used to rescue a business in financial difficulties’.
Teddington studios is the former home of Thames Television and has recently hosted shows including The Office, Harry Hill and My Hero.
Pinewood Shepperton has acquired the assets, staff and name of Teddington Studios as well as assuming the lease of the Studios’ site and certain liabilities for a total cost of £2.6m. It has also acquired the Studio Broadcasting Company for £100,000. Both acquisitions include fixed assets of £1.8m of which £1.2m are subject to finance leases.
‘In addition, it is anticipated that Pinewood Shepperton will incur reorganisation and transaction costs of approximately £1.3m that are expected to be expensed in 2005 as an exceptional item,’ a Pinewood statement said.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements