BusinessCompany NewsTeddington Studios sold to Pinewood

Teddington Studios sold to Pinewood

Famous TV studios sold to rival company in deal worth £2.7m.

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.

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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.

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