Ten Alps invests £250,000 in revived Chrysalis Vision

The indie group will acquire 12% of Chrysalis upfront for £50,000, before providing £200,000 of “loan notes” every four weeks for the next 20 months, which can be converted into a shareholding “at Ten Alps’ discretion”.

This would not give the company full control, but it will have an opportunity to make two further investments in Chrysalis before December 2018, which could result in it holding a majority share.

Ten Alps, which owns companies including Films Of Record and Brook Lapping, is taking its first steps into drama with the investment.

Chrysalis was revived in March 2014 by its former executive team, Mick Pilsworth and Chris Wright, alongside former Channel 4 chairman Luke Johnson and entrepreneur Roger Parry. Johnson is also a non-executive director at Ten Alps.

Chrysalis has eight long-form dramas in development and, according to Ten Alps, is working with “high-profile” writers. Ten Alps will house the team and its chief executive Mark Wood will join Chrysalis’ board.

It is Wood’s second investment since he took charge in December 2014. Ten Alps acquired Reef Television for £5m in June and made clear at the time that other investments were on the agenda.

“Ten Alps has already broadened its range of television production through the acquisition of Reef TV,” Wood said. “The investment in Chrysalis Vision enables us to extend that range still further with a low-risk entry into the potentially high-margin drama market.”

Wright added: “Chrysalis Vision is still at an early stage of developing a range of ambitious projects. The partnership with Ten Alps will greatly strengthen our economics by sharing a range of facilities and contacts.”