Bagpuss and Clangers owner gets multi-million pound backing

 
Oliver Gill
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Jacob Rees-Mogg Visits New Bagpuss Pop-up Shop
Thirteen episodes of Bagpuss (left) aired in 1974 (Source: Getty)

A children's TV company that has revived seventies favourites Bagpuss and the Clangers today secured a multi-million pound funding package.

London-based Coolabi has received an £11m cash injection.

The firm owns the rights to over 20 TV series that are aired in 140 territories; these also include including Beast Quest and Scream Street.

The money will be used to refinance lending facilities with Coutts – which stood at £4m in 2016, according to the firm's latest filed accounts. Coolabi is also lumbered with more than £30m of loan notes costing the firm £4.1m in interest each year.

Read more: Bagpuss to get new owner after £4m bid

The financing from Santander will also allow Coolabi to invest in digital apps and develop new titles.

“Coolabi is a powerful reminder of the UK’s success in fostering creativity, having specialised and excelled in the creation, development and brand management of children’s and family intellectual property rights in so many geographies," Coolabi chairman David Glick.

"This refinancing will help Coolabi make significant investments in original content and position the company for an even more successful future, helping to cement the UK’s reputation as a global leader in the creative industries."

Read more: Bing Bong: Why Peppa Pig's owner got a big boost from Chinese state TV

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