The company went into administration last month
Glasgow-based post-production house Savalas has resurfaced from administration, following a pre-pack sale deal with the administrator.
The company appointed an administrator last month, with liabilities totalling more than £450K, with HMRC owed £317K, and loan debt amounting to more than £150K.
Rather than look to liquidate the company, the administrator recommended a pre-pack sale of Savalas, primarily to retain the value in the company’s future commissions with two unnamed customers.
The pre-pack deal would also ensure the employees retained employment at Savalas, and would also maximise the return to creditors.
Savalas first opened in 1998 and has two Glasgow locations – at Film City and the Hub. It has 12 employees across the two locations.
Its recent credits include Edinburgh Unlocked for BBC Scotland; Vigil for the BBC; and Radio 4’s Fags Mags & Bags.
The company struggled over the last few years due to a reduction in workflow triggered by the writers’ strike impacting on the number of commissions being instructed, said the administrator’s report.
As a result, Savalas reduced its workforce from 23 to 12 members of staff, and met the cost of the redundancies.
After marketing the pre-pack sale of the company, the administrators received a single offer, from the current directors, through an entity called Savalas Post Ltd. The company was bought for £100k.
Broadcast Tech has contacted Savalas for comment.
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