International distributor Electric Sky, and its sister companies Electric Sky Productions and BTV Post, have been placed in administration, with 21 staff made redundant.
Administrator FRP Advisory confirmed to realscreen that it is now acting for all three companies as they enter administration, which is similar to going into Chapter 11/bankruptcy protection in the United States.
The three companies are technically separate business entities, but share the same premises and management, with offices in Brighton and Hong Kong. Four staff – including CEO David Pounds – will remain with the company to assist administrators as assets are monetized in a bid to repay creditors, while the remainder are let go.
In a statement, FRP Advisory said: “As a result of the administration processes for each company, a total of 21 staff have been made redundant while four members of staff across the businesses, including senior management, are being retained during the administration process to help realize the maximum value on behalf of all the stakeholders.
“The joint administrators continue to work closely with senior management to liaise with the businesses’ array of customers and suppliers to ensure an orderly realization of value of the businesses and assets being marketed for sale.”
The firm added that Electric Sky Productions had been hit by “the sudden curtailment of a significant contract,” which left management “with no alternative but to seek the protection of administration, resulting in the immediate loss of the majority of the workforce.”
Electric Sky Productions shows include Fat Doctor, Sky High Scrapers and Crazyland, as well as Lost Worlds with Monty Halls and Leo Houlding, a 6 x 60-minute series that was due for delivery to Discovery and Sky 3D in 2015.
Pounds founded Electric Sky in 1998.