Magazine article Screen International

LipSync Post Seeks Deal over Debts

Magazine article Screen International

LipSync Post Seeks Deal over Debts

Article excerpt

LipSync Post has contacted its creditors in a bid to renegotiate its debt through a company voluntary arrangement (CVA).

The post-production firm is the latest to find itself in financial trouble and its main creditor is HM Revenue & Customs, which is owed some £700,000 ($1.06m).

This is understood to represent around half of the company's outstanding debt.

LipSync managing director Peter Hampden said the Wardour Street facility had faced a "perfect storm" of payments coming in late and banks growing increasingly nervous about the TV industry.

"We've had a great three years, but the past six months has been tough," Hampden told Broadcast (sister publication to Screen).

He said a "small" round of redundancies had been made six months ago, but LipSync hoped to avoid any further job losses.

"We're reducing our costs; there will be selected pay cuts for some staff and some people will occasionally work from home, but we're already a fairly lean company without any excessive overheads," he added. …

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