Editworks is in talks with potential investors as the post facility’s management team attempts to secure the company’s future.
Vice-chairman and co-founder Graham Hutchings acknowledged the business was in a “difficult” position, but said industry speculation that it had gone into administration was incorrect.
“Delicate discussions” with a range of industry and private backers are taking place this week, with a conclusion expected by the end of the month.
“We are trying to achieve a satisfactory resolution for staff and clients who have been very loyal and exceedingly supportive. That could be a continuation of the business or it could be something else,” he told Broadcast.
The Charlotte Street-based company has 13 Avid suites and recent credits include Take Me Out, Harry Hill’s TV Burp and The Graham Norton Show.
“This is not the result of a lack of business,” said Hutchings. “We have a pretty full order book to the end of the year.”
Hutchings pointed to the costs associated with running a business in the West End, and said that local authority rates and other costs had “gone through the roof”. He said: “It seems the only way to be successful as a post facility is to operate as a large company that deals with a huge volume of work.”
Hutchings stressed that Glasgow-based Editworks Scotland, which opened in 2010 and recently upped its number of edit suites from nine to 12, is a separate company to the London outfit.
“Investment in Editworks Scotland has reached £600,000 and it continues to operate successfully and independently,” he added.