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22/01/2008

VTR Acquires Machine Effects For £2m

VTR has acquired Machine Effects Limited, the visual effects company founded by John Lockwood and Steve Street, for £2m.
The acquisition strengthens VTR’s offer in the UK visual effects market and underpins the continued international expansion of the Prime Focus Group of companies.
Machine Effects Limited is a leading visual effects business offering a full range of services to film and broadcast. Its impressive list of credits includes 'Fred Claus', 'Elizabeth: The Golden Age' and 'Harry Potter and the Prisoner of Azkaban'. Both John Lockwood and Steve Street will remain with the business and continue to work with VTR plc.
Namit Malhotra, Chairman of VTR plc and Prime Focus Group (PFG), said: "This acquisition adds to the group’s global breadth, strengthening our visual effects capabilities and helping to grow our offer. Machine Effects is a strong brand with an impressive track record in the industry and I am pleased that it will be joining VTR plc and in turn part of the growing group of companies in the Prime Focus Group."
Neil Lane, Managing Director, VTR plc said: "Steve and John are experts in the visual effects market and will compliment Prime Focus London’s existing capabilities in that area. We are excited to have them joining our team and look forward to working together."
John Lockwood said of the acquisition: "Machine Effects integration into the group will allow us to concentrate on what we do best whilst participating in the future success of VTR plc."
Steve Street added: "We are thrilled to be joining the Prime Focus Group of companies and to have access to its global resources in London, India, Canada and the United States."
The acquisition has been funded by an inter-group loan from Prime Focus Limited (PFL), which is a majority shareholder in VTR.
VTR and PFL entered into a loan agreement on 21st January 2008 which made available a £1,000,000 credit facility to VTR.
(SP)
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