Glyn Mummery and Paul Atkinson, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm, were appointed Joint Administrators to Steadfast Television Limited (STL) and Steadfast International Limited (SIL) on 12 November 2010.
STL is an independent television production company that produces programmes for both UK and overseas broadcasters, including the BBC, ITV and Five. SIL manages the worldwide distribution, pre-sales and co-production activities of both STL’s programmes and third party productions.
The two companies’ financial difficulties stem from adverse market conditions, brought about by a significant reduction in the number of programmes being commissioned by broadcasters. Attempts to sell the businesses earlier this year were unsuccessful.
Commenting on the case, Glyn said: "Unfortunately, it was not viable to trade on the businesses and we have therefore been working directly with commissioning broadcasters, with regard to a small number of incomplete productions and exploring potential alternative arrangements for the completion of these programmes."
"Our strategy now is to focus upon the best means for maximising realisations for the general body of creditors, including the rights relating to STL’s catalogue of productions, which consists of over 160 hours of content. This includes titles such as Sky Cops, Cops Cars & Criminals, Brit Cops, CCTV, UK Border Force and Send in the Dogs."
Interested parties regarding the sale of the business should contact Nigel Strike, FRP Advisory, on 01708 460 011
Media contacts for FRP Advisory
Georgina Swain, FRP Advisory, T: +44(0) 20 3301 7350, M: +44 (0) 7881 523 345, E: nationalpressoffice[.]frpadvisory.com.
About FRP Advisory
FRP Advisory, LLP (frpadvisory.com) is focused on creating, preserving and recovering value for its clients.
The firm offers a comprehensive suite of services to the mid-market and financial community. These focus on enhancing the performance of businesses, as well as saving businesses in distress.
Services include: commercial & asset finance, corporate insolvency, restructuring, independent business reviews, interim management & placement services, personal insolvency & advisory, creditor services, insolvency investigation services and banking live-side support.
With 28 partners and 200 staff, FRP Advisory is one of the largest restructuring, recovery and insolvency firms in the UK, operating out of 9 regions including: East Midlands, Eastern Region, Kent, London, North West, St Albans, Sussex and West Midlands.