Following months of speculation a management team has bought out Oasis Television in a multi-million pound deal.
The four-strong MBO team consists of long term Oasis employees David Smith and Thomas Ioannou, both senior editors, financial director Seng Chang, who has been with the company from the start, and new managing director Gareth Mullaney, who left the company two years ago and has worked at M2 and Editworks since then.
Mullaney strongly denied that the company was in any financial difficulties, saying "there's absolutely no debt. Andrew and Tony built it up over 15 years and there's a very good, strong foundation that we can build on and go forward." He added: "We're not just buying a building with lots of kit in it, it's the staff. Their loyalty is amazing - I don't think any senior staff have left in the last six years." The MBO deal was backed by Barclays Media Finance and Broadcast understands that it is worth around£2m. Oasis was founded 15 years ago by Andrew Coppin and Tony Cloarec, who still own the Great Pulteney Street building.