Soho editors client manager David Brady has bought the post-production talent agency in a deal reputed to be worth around half a million pounds, writes Will Strauss
Backed by non-industry financiers, the former audio editor will become the sole owner of the company and will take up the position of managing director. Former owners and founders Brian and Rory Cantwell will stay on as consultants in non-executive director roles. Brady's purchase includes all of the current full-time staff, intellectual property rights to the company concept and the freelance operator list but not the company's training division.
Exact financial details of the deal, which was completed last week, were not revealed although Broadcast understands it is worth in the region of£500,000 in total. A deal to take over the lease on the company's Berwick Street premises will be finalised soon.
Less than one week into the job Brady has already begun his mission as managing director - to double the company's annual turnover to£5m - by offering his editors a guaranteed 30-day payment scheme. Freelancers, who are often paid after anything between 60 and 90 days, will receive remuneration within a month of receipt of invoice regardless of whether producer or broadcaster clients have settled up with Soho Editors. Brady hopes the move will persuade his roster - who are also able to work with their own clients, independently of Soho Editors - to bring more work through the company.
He told Broadcast: "Soho Editors has massive global potential and by bringing in this 30-day payment scheme we can seriously improve not only the turnover of the company but also the lives of our editors who will have total control of their finances. I believe we are reinventing the way freelancers operate within post-
production in this country."
Formed in 1997, Soho Editors, which supplies freelance and permanent post-production staff to facilities, broadcasters and production companies, employs 10 full-time staff and has a roster of more than 300 editors, compositors and audio mixers. Credits include Pop Idol, Big Brother, How to Build a Human, Survivor
and Footballers' Wives.