The management of post facility 422 Manchester have this week completed a buyout of the company, just over a year after it was bought by the Barcud Derwen Group, writes Sam Espensen.
The three-strong management team - managing director Martin Dixon and directors Damien Lynch and Richard Wallwork - have purchased 100% of the shareholding for an undisclosed sum.
The original company 422 Ltd, which had facilities in London, Bristol and Manchester before the Barcud buyout, had a difficult couple of years with concerns over payment to freelancers and rumours of financial difficulties ( Broadcast
Asked whether the company was still suffering Wallwork said: "By no stretch of the imagination could it be said that 422 Manchester is in trouble. We have bought what is a profitably trading company." He added: "We believed that it was the best thing for the company and a good opportunity. We have all worked together for a while, turning 422 into good shape."
Wallwork denied that there were any problems with the relationship with Barcud, saying that "they were in a different marketplace. 422 was attractive to them because we had a profile. But we feel it is in our best interests [to complete the MBO]."
Negotiations over the sale have been taking place for six months. Wallwork said the day-to-day operation and the 23 staff will be unaffected.
422 Manchester's credits include titles for Mastermind,
graphics for Sky One's Back to the Beach
and editing and compositing on Hot Animation's Rubbadubbers.