Ten Alps, trading as Zinc Media, the TV and multimedia content producer, has acquired Straker Films Limited. Straker Films is a corporate video production business that works with companies and organisations to help them communicate with their customers, staff and the public through moving image.
Ten Alps are paying an initial consideration of £110,000 in cash instalments between completion and September 2016. 3 percent of total sales in the year following completion will be as a deferred consideration if the annual revenues are less than £300,000. This increases to a maximum of 10 per cent. of total sales if the annual revenues are greater than £500,000.
In the year ended 29 February 2016 Straker Films generated revenue of £0.64m and a profit before taxation of £0.19m. As at 29 February 2016 net assets were £0.75m. Straker Films currently has one employee, who will continue post completion.
Straker Films was founded in 2004 by Nick Straker and Nicola Mann. It has a client base including Rio Tinto, National Grid, TfL, Aviva, Nationwide and The Department for Education.
Mark Wood, CEO of Ten Alps, comments: “Ten Alps has already broadened its range of television production through the acquisition of Reef TV and its investment in Chrysalis Vision. The acquisition of Straker Films gives Ten Alps a significant and credible footprint in the corporate video and story-telling market and we look forward to growing our business in this high growth market.”
Straker Films will be located in Ten Alps’ London office, working with the Ten Alps corporate communications team and the Group’s TV production businesses. Nick Straker and Nicola Mann will remain as freelance consultants to Straker Films for a period of time to ensure a smooth transition and handover.
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