Deluxe Digital has snapped up the business and assets of West London subtitling and content management facility ITFC in a pre-pack administration deal.
Grant Thornton finalised the sale on Friday (27 August), securing the jobs of all 150 staff in the process.
ITFC was previously 100% owned by the Medici Group’s ITFC Holdings Limited, which itself appointed Grant Thornton as administrators in June.
Administrator Martin Ellis said: “I am pleased that [this] process has delivered a positive outcome for ITFC, which ensures the continuity of the business and safeguards employment.”
No financial details were revealed.
ITFC was founded in 1976 as an in-house film storage facility for ITV. It now provides subtitling and related content management services for a range of broadcasters including Virgin Media and Channel 5.
ITV sold the company to Elektrofilm, a wholly owned subsidiary of Medici Group, in 2007.
Deluxe Digital London provides digital and data post-production services to the feature film, broadcast, corporate and new media markets.
Deluxe Digital London completed Digital Cinema delivery in both 2D and 3D on the James Cameron’s Avatar.
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