Scottish factual producer Firecrest Films has become the first indie to secure a majority stake from Channel 4.
The broadcaster has had a minority stake in Firecrest since 2017 through its Indie Growth Fund and has new stepped up its investment through its recently-launched Creative Investment Fund (CIF), which succeeds the previous funding model.
Firecrest managing director Nicole Kleeman [pictured, with creative director Ian Scollay] credits C4 with building the company from a small regional indie in Gavan to “one of the UK’s most significant documentary producers”.
She said the deal “will give us the security to futureproof the business and continue to grow talent and tell stories”.
Firecrest was launched in 2016 and is based in Govan in south-west Glasgow.
It employs almost 100 staff and freelancers and has given 25 people their first jobs in TV over the past three years, a well as supporting more than 40 individuals to step up via its talent development scheme.
The indie’s portfolio includes BBC2’s Murder Trial and Michael Palin: Travels of a Lifetime, C4 Dispatches doc The Truth About Nike and Adidas and BBC3’s Liar: The Fake Grooming Scandal.
The company recently secured a six-project deal with Amazon Prime Video for tiles including The Orkney Assassin, The Hunt for Shannon Matthews and Chasing the Tinder Predator.
C4 interim chief executive Jonathan Allan said the CIF strategy enables the broadcaster to invest in, and in some cases own, IP.
“This strategy will enable us to diversify revenues and secure C4’s long-term sustainability through generating new income streams that are not wholly reliant on the advertising market. In turn, we can then invest more into the independent sector and British storytelling.”
Helion Partners advised on the deal.
