Happy Valley maker shut down by owner StudioCanal
The maker of TV hits such as Happy Valley and It’s a Sin has been shut down by its owner, StudioCanal.
Red Production Company, which is headquartered in Manchester, has closed with the loss of around ten jobs.
Included in the departures was chief executive Patrick Schweitzer who left the business last week.
Schweitzer had led Red Production Company since September 2023 while StudioCanal has held a majority stake in the business for 12 years.
The production firm’s titles have also included Queer As Folk, Scott & Bailey, Years And Years, Last Tango in Halifax and Harlan Coben’s The Stranger.
The company was founded by Nicola Shindler in 1998 who left in 2020 and then launched Quay Street Productions, which is baked by ITV Studios.
Shindler was succeeded by former Fremantle global drama chief Sarah Doole, who left in 2022 and died in February last year.
Bosses had been expecting profitable year
Red Production Company had been working on Anansi Boys, an adaptation of Neil Gaiman’s fantasy novel, for Amazon Prime.
Accounts filed with Companies House in October last year showed the firm’s turnover had fallen from £5.7m to £3.7m in 2023 while its pre-tax profit also declined from £1.4m to £868,258.
Writing in the accounts at the time, Schweitzer said: “The directors expect to continue the development of the company’s business by producing television programmes that have a strong local and international appeal as well as benefitting from group synergies such as the international distribution channels.
“Despite of the uncertainty that still affects the drama industry we have two series that were recently delivered in Summer 2024.
“As a result the company will remain profitable for the 12 months from the signature of the accounts but will continue to be dependent upon financial support via the cash pooling facility from its parent undertaking.
“Accordingly, the directors are confident that the company will be able to continue as a going concern.”