Metrodome Group Puts Target Entertainment Subsidiary Into Administration
British outfit tells the market it can no longer support loss-making TV subsidiary; movie distribution interests remain.
LONDON – Metrodome, the U.K. distribution, finance and sales group, has put loss-making TV subsidiary Target Entertainment, into administration.
The company – listed on the Alternative Investment Market – told the market Tuesday it can "no longer continue to provide support to its loss-making subsidiary Target".
Metrodome snapped up Target in August 2010 for £800,000 ($1.3 million) aiming to expand into TV sales and distribution.
But Target, whose properties include Scottish detective series Taggart and children’s shows including Fifi and The Flowertots, was highlighted by Metrodome for adding red ink in December to its balance sheet when it issued a profits warning.
Metrodome’s board told the market it believes there is "little prospect" of Target returning to profitability in the near future and a strategic review of the business has resulted in a decision to put it into administration.
BDO has been appointed as administrator.
Subsidiaries Metrodome Distribution and Hollywood Classics are unaffected, the company said.
Metrodome Distribution had an active European Film Market during this year’s Berlinale, scaring up a U.K. and Irish rights deal memo for horror thriller Lovely Molly, starring newcomer Gretchen Lodge and U.K. and Ireland rights for Piggy, an intense U.K. thriller starring Paul Anderson, Martin Compston, Neil Maskell and Louise Dylan.