Bristol-based Pink House Post Production has been bought for an undisclosed fee by fellow Avon facility Films at 59, in an attempt to stabilise the post industry in the city, writes Sam Espensen.
The companies will keep their identities, with staff changes occurring at board level only. Both companies have said there will be no redundancies.
Films at 59 managing director Gina Fucci believed it was a positive step for the struggling Bristol market. "Our goals are to secure jobs, enable creative and technical collaboration in the area, and ensure client care by co-operating on business growth."
Dismissing rumours that Pink House was in financial trouble, managing director Anita Nandwani explained that the decision of who should buy out who was down to shareholders. "We had 15 and most came from outside the industry. Films at 59 were far better placed to purchase us." Fucci stressed that after due diligence had been carried out, she was happy with the results.
Pink House was formed in 2001 when management bought out the assets of the company from BFV, which collapsed with debts of nearly£4m ( Broadcast, 16.2.01). Consultation with BFV's creditors is still ongoing, but Nandwani emphasised that Pink House is not involved.