Welsh TV and film group Barcud Derwen has paid a six-figure sum for the ownership of Scotland-based Picardy Media Group, which went into receivership at the end of January, writes Sam Espensen.
The purchase, following Barcud Derwen's acquisition of 422's Manchester and Bristol operations, makes Barcud the largest regional facility in the country. Picardy will change hands as a going concern, with all employees keeping their jobs.
A further six-figure sum will be spent on immediate investment to upgrade existing facilities and recruit new staff in the post-production services of the group.
Barcud managing director Bryn Roberts told Broadcastthat he approached the group as soon as he heard it was in receivership. "After I'd gone up to see them, the senior managers came down to us and saw how we dealt with our relationships with our subsidiaries. They were very happy with what they saw," he said.
Brian Suttie, previously head of technology with Picardy, has been appointed as the managing director of the group after the departure of former managing director and majority shareholder Ian Hogg. Barcud also owns facilities Eclipse Creative, Men from Mars and B-Dag.