Digital Look

Handmade secures interim funding

Date: Friday 05 Feb 2010

Handmade, the film company behind such rare British film successes as Mona Lisa and Lock, Stock and Two Smoking Barrels, has secured interim financing of £2m from a shareholder to tide it over while it completes a detailed review of its financial position.

Satya Productions has advanced Handmade £2m for an initial term of 15 months at an accrued interest rate of 12% per annum. The loan has been secured against the film assets of Handmade, which include films such as Time Bandits, Long Good Friday and Withnail and I.

Handmade will use £1.1m of the money to pay off its overdraft.

The company has also announced changes in the composition of its board of directors, with David Ravden, Peter Parkinson and Patrick Meehan resigning, the latter because of ill health.

Antony Fraser has agreed to join the board of Handmade as interim chief executive with immediate effect. Fraser is currently the managing partner of Helix Capital, and is a specialist in investment in the media and entertainment sector .

The changes follow on from last month’s board room upheaval which saw Richard Northcott quit the board and his position as chairman taken by Robert Benton.