One in five jobs cut at Hit firm

HIT Entertainment, the group that owns the rights to Thomas the Tank Engine and other children cartoon characters, has cut one in five jobs in an attempt to avoid breaching its banking covenants this September. <br /><br />Private equity firm Apax bought the children&rsquo;s entertainment producer and rights owner in 2005 for around &pound;489m. But the group is now looking at ways to restructure its debt.<br /><br />Hit Entertainment is already loaded with &pound;308m of borrowings, while its owner Apax is already struggling with its other investment Incisive Media.