An Aberdeen-based media business has been bought out of administration by former radio personality Bruno Brookes for £200,000.
The deal saved 23 jobs at AVC Media, which was acquired by Mr Brooke’s firm, Immedia.
AVC, which was established in 1984, had been hit by a rapid decline in revenues over the last 18 months as “prevailing low oil prices caused a number of oil exploration and services clients to reduce significantly their spend”, Immedia said.
Administrators from FRP Advisory were appointed to handle the sale of the business earlier this week, with the announcement of the acquisition following a day later when the Aberdeen-based operation, based at Grandholm Mill was renamed AVC Immedia.
The Berkshire-based company said in a statement it intends to return AVC to profitability “by implementing certain identified cost savings, synergies and cost sharing with Immedia and other measures to be implemented post completion of the acquisition”.
The AIM-listed Immedia said AVC’s range services acquired were “highly complimentary” to its business, which includes audio visual services, video conferencing, event production and management, video, animation and graphic design.
Mr Brookes said he had been eyeing the Averdeen-based firm for some time.
He said: “We have been aware of the AVC Media business for many years and believed that, should an acquisition opportunity arise, the business would be an excellent fit with Immedia, allowing us to enhance and broaden our client services. AVC Media has an award-winning, specialist offering and a very experienced team. Unfortunately market conditions severely affected the business, but this has enabled us to acquire AVC Media at a price which we consider to be advantageous.
“The acquisition of AVC Media strengthens Immedia’s multi-media content offering for clients in the Group’s primary target sectors of retail, workforce, sport and education. AVC has a strong client list and we believe that both businesses will benefit from working closely together, generating excellent access and cross-selling opportunities and providing a wider range of integrated digital services and solutions.”
Former AVC owner Spencer Buchan was unavailable for comment, but a statement on the AVC website said the acquisition was an “exciting development” that “enables us to continue to expand our high-quality specialist media services across the UK and beyond”.
Mr Buchan’s former business partner Keith Main had resigned as a director from AVC in June.
Mr Brookes added: “I would like to take this opportunity to welcome the extended team in Aberdeen to the Immedia family. There is no doubt that, together, we will develop an even more exciting creative media business.”
Tom MacLennan, joint administrator and partner with FRP Advisory said: “We are delighted with the deal which is great news for both businesses. The AVC Media team have an excellent reputation for their specialist skills and expertise, and will bring significant value to immedia as the business expands into new markets. We wish the newly expanded business every success for the future
