The CVP-Mitcorp group has rescued fellow equipment sales and rental company Gearbox from administration and in the process saved 16 jobs.
All assts and trading names of Gearbox (Sound and Vision) Ltd have been purchased and the business will go forward as a going concern. The deal was competed on Thursday (7 May 2009).
Gearbox founder Richard Eastwood will stay on as general manager and all staff and regional offices have been retained.
Some consolidation of offices in London and the north of England is possible but staff cuts are not expected.
Phil Baxter, chief executive of CVP said: “This acquisition enables Gearbox to significantly improve the product range and service quality provided to customers whilst delivering several strategic benefits to our enlarged group. GearBox now has the financial stability, improved infrastructure, increased range of equipment and in-house engineering capability that will not only ensure its’ survival but provide an excellent platform for growth.”
Joint administrator Mike Grieshaber, of Marriotts LLP, said that CVP-Mitcorp provided the best offer in the interest of the creditors.
“I am delighted that the sale has been achieved for the whole business as a going concern and that we have been able to save all the jobs in the process,” he said.
Gearbox was established in 1997 and provides specialist broadcast audio and video equipment rental and sales from its offices in Soho, West London, Cardiff and Leeds.
At its Park Royal HQ, the company provides high quality ‘dry’ and ‘wet’ hire production suites in the form of its ‘White Rooms.’
It also offers the Cream Recording Studio, a high-spec studio for music recording and mixing.
“The Cream Studios and White rooms are truly awesome facilities which have been built at great expense,” said Baxter. “We’re going to do our utmost to market them effectively. They would make an ideal home for a post or production company looking to save having to invest millions in setting up a new facility from scratch.”
Gearbox appointed administrators on 6 March.
For more see this week’s edition of Broadcast.