Steve Milne has recruited some of his former Molinare colleagues to assist with his takeover of the Soho post facility.
Ex-Molinare chief exec Richard Hart, former managing director Mark Foligno and commercial director Deepak Sikka have all taken consulting roles with former company director Milne’s consortium.
Milne, together with Foligno, bought the facility from the TV Corporation in 2003. Five years later, current owner Century Communications took a majority stake, but is now ramping up efforts to exit the business.
Molinare’s most recently filed accounts show it made a loss of £1.5m for the year ending June 2011, after a £2.1m loss in 2010.
The current acquisition is being led by Milne’s start-up, the British Film Company (BFC).
BFC is working on the bid with Next Wave Partners, a private equity firm which invests up to £10m in small-to-medium-sized businesses, and has some £60m funds under management.
The consortium is now performing due diligence on the bid and Milne said he expects to “cross the finish line next week”.
He said: “There has been widespread support from clients and staff and Molinare obviously enjoys special affection within the TV and film community.
“I am particularly grateful to my former colleagues, who in some cases have put their lives on hold to help shape the turnaround plan.”
BFC recently debuted its first feature documentary, McCullin, at the Toronto film festival.
It is also working on a romantic comedy featuring Doctor Who’s Karen Gillan in her first feature film.
“It’s called Not Another Happy Ending” added Milne. “But the embattled Molinare staff may take that as a good omen.”