THE animation firm behind the reboot of a beloved children’s TV show starring Michael Palin has announced a shock closure.
Factory Transmedia Ltd, based in Greater Manchester, went into liquidation after operating for 24 years.
GettyA renowned animation company popular for producing TV shows has gone bust[/caption]
handoutThe production company helped to revamp the popular children’s TV show The Clangers[/caption]
The firm, renowned for its animation projects, had several offices in Stockport and employed hundreds of people from the creative industry.
Its main studio was situated in Altrincham Business Park.
However, it was today announced the firm had been placed into creditors’ voluntary liquidation.
Conrad Pearson and Patrick Lannagan from tax firm Mazars, were appointed as joint liquidators of the production company.
A spokesperson for the firm told the Manchester Evening News that so far eight staff have been made redundant.
Liquidators said “challenging” conditions in TV commissioning globally were some of the reasons behind the company shutting down.
They added: “The Company was incorporated in 2000 and has employed hundreds of creative, talented people; building a reputation for production and creative excellence.
“Unfortunately, over the last 12 months, the number of projects being green-lit by broadcasters around the world has been severely cut as the global economy and audience behaviours have changed markedly.
“These challenging market conditions were a significant factor in the insolvency of the business.”
Factory Transmedia gained popularity after producing animation projects for giants like Disney, Nick Jr and CBeebies.
In 2015, the animation firm revamped the popular children’s show The Clangers which starred famous actor and comedian Michael Palin as the narrator of the show.
The program, originally aired in 1969, was created by Oliver Postgate and Peter Firmin.
Factory Transmedia also produced the popular TV series Scream Street and Strange Hill High.
Major asset valuation firm JPS Chartered Surveyors has been instructed to help sell off the company’s assets via an online auction, the BBC reports.
Among the items being sold are props used for the Newzoids satirical sketch show and high-end studio equipment.
Store closures
Meanwhile, retailers in the UK high street have been hit hard in recent years as shoppers increasingly turn their attention to online retail.
High energy and wage costs and business rates have further piled pressure on businesses, forcing many to close.
Several major brands have crashed into administration since the start of 2023, including Wilko and Paperchase.
In recent months, The Body Shop and Ted Baker have both fallen into administration too, seeing dozens of stores closed already.
Other retailers have been closing shops in a bid to reduce their physical presence across the UK.
Last June, Boots said it would be shutting 300 of its 2,200 stores in areas where it already operates one.
Superdry started closing eight of its 104 UK branches last July as part of a £35million cost-cutting project.
Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.
It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.
“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic, Snug and Tile Giant.
The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.
However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.
The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.
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