A consortium led by Steve Milne has completed the acquisition of Molinare in a pre-pack administration deal.

Molinare was put into administration on 7 June by previous owner Century Communications.

The assets of the company have now been bought by Molinare TV and Film Ltd, Milne’s film financing operation, the British Film Company and private equity firm Next Wave Partners.

The value of the deal was undisclosed and the post house will be run by Milne and Julie Parmenter.

Milne said: “I have known Julie for over 20 years. She is one of the best executives I know and was until last year global head of sales and operations for Rolls Royce cars. She had been working with me at the British Film Company and will make a brilliant MD for Molinare.”

He added that there had been a “very real danger” of Molinare closing, and that administration was the “only way” to rescue the post house and safeguard 150 jobs.

He said: “UK PLC is stronger for [the deal]. We want to work with suppliers to try to get money back for them.”

Parmenter has been appointed managing director of Molinare, while Milne has become chairman.

“Leadership is everything,” he said. “We are starting the company clean and we are clear where we’re going, which is high-end factual and drama for TV and film. Previously, Molinare got bogged down in cash problems, but now we’re ready to rocket to the moon.”

Milne first bought the facility from the TV Corporation in 2003, selling it five years later to Century Communications.