Former Oasis Television managing director Gareth Mullaney has bought post facility DGP from its administrators.

In the first of what is expected to be two deals worth more than £1m combined, Mullaney has secured the assets and goodwill of the Soho business and taken on its 43 staff.

He is also in the final stages of a deal to buy an unidentified facility that specialises in broadcast work.

“I'd been negotiating a deal for the second company for six months when the DGP opportunity came up,” explained Mullaney.

“DGP has a brilliant reputation for DVD, Blu-ray and encoding, while the other company specialises in long-form television. I think the two will complement each other well, especially as one company has too much work and not enough space and the other has too much space and not enough work.”

Former DGP owners Julian Day and Mark Gardner will stay on at the company, which will now trade as DGP Post Production.

Once the second deal is completed, Mullaney will look at the viability of moving that company into DGP's building. He acknowledged that redundancies across the two companies were likely.

DGP's management voluntarily put the company into administration on 13 February.