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Statement by Gerald M Krasner of Begbies Traynor, joint administrator of Twickenham Film Studios Ltd


Statement by Gerald M Krasner of Begbies Traynor, joint administrator of Twickenham Film Studios Ltd

“A creditors meeting was held at the studios on Thursday 19 April 2012. At this meeting all proposals put forward by the administrators were carried by the required majority of creditors.

"Following this meeting, an offer was made by a proposed purchaser to acquire the studio. In order to obtain four weeks’ exclusivity to exchange contracts they paid a £100,000 non-refundable deposit.

"The exclusivity period expired on Wednesday 23 May and the purchaser has communicated that for personal reasons they will not be progressing with the purchase.

“The aim is now to remarket the business to all those who have previously expressed an interest in the site and business.

“In total more than 30 parties have an expressed interest including several that also made assurances to continue to operate the site as a film studio.

“The joint administrators have prepared a sales pack that will be issued to any interested party on completion of a confidentiality statement. We hope that as well as those who have already contacted us, there could well be other potential buyers who will make contact following the recent period of intense interest in the business,”

Any party requiring further details or wanting to formally express interest in the sale can contact Gerald Krasner on 07836 607 782 or email Gerald.Krasner@begbies-traynor.com


About the author

Gerald Krasner

Partner

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Gerald qualified in 1971 as an ACA with Peat Marwick Mitchell and subsequently joined Bartfields Chartered Accountants where he began to specialise in Insolvency. He was one of the first licence holders in 1986 when he specialised in CVAs before they became more popular. Gerald has worked on numerous successful cases including Krasner v Dennison, for which he won in the Court Of Appeal and as a consequence changed the treatment of a bankrupts' pensions.

In 2004 he became chairman and part owner of Leeds United AFC which had debts of circa £103 million. These were reduced to £24 million before the club was sold the following year. In 2007 he sold the insolvency division of Bartfields to Begbies Traynor and became a partner at the firm.

Gerald has lectured both nationally and internationally to fellow insolvency practitioners and other professionals, and has also been involved in committees for both R3 and Insol.

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