Wark
Clements, the Scottish broadcast production company,
has moved to become a permanent force in the drama
market by acquiring London-based drama producer
Monogram. The £2m deal was completed after securing
additional cash backing from Direct Holidays founder
John Boyle.
The take-over follows successful collaboration
between the two groups. Their first joint-venture
production, Love or Money, will be screened
on BBC 1 shortly.
Under the terms of the deal, Monogram founder
Eileen Quinn becomes a 20% shareholder in Wark
Clements alongside entrepreneur Boyle, who is
providing additional investment to fund a cash
payout to Quinn. Boyle, who provided £1m expansion
funding for Wark last year, is putting in more
cash so his 20% stake is not diluted.
The latest expansion move by Wark Clements underlines
its ambitions to become a force in all the major
genres in UK and international markets. Alan Clements,
co-founder of Wark Clements with his TV personality
wife Kirsty Wark, said the Monogram deal gave
the Scottish company control of a drama producer
which was highly regarded by UK commissioning
broadcasters. It also had international distribution
agreements in place.
Monogram came "complete with rights to a small
but perfectly-formed back catalogue" of productions
which would provide additional income in future.
Adding Monogram to the company’s three existing
production divisions, covering factual, interactive
and children’s programming, would see turnover
double this year from £3m to £7m, according to
Clements.
Clements said the directors expected to be able
to deliver a lucrative exit for investors through
a trade sale, flotation or partial disposal in
future. However no major moves would be on the
cards for a few years.
This week...
o Scottish Screen in Shetland Film Controversy >>>
o Scotland’s Mansions put on the Movie
Map >>>
o Edinburgh Conservatives decry refugee
video diary project >>>
o Who Dressed Harry Potter?
>>> archive >>>
Wark
Clements, the Scottish broadcast production company,
has moved to become a permanent force in the drama
market by acquiring London-based drama producer
Monogram. The £2m deal was completed after securing
additional cash backing from Direct Holidays founder
John Boyle. 