Sheffield broadcast firm which worked on Match of the Day and Queen’s funeral sees assets auctioned following collapse

Televideo then fell into administration in August, but continued to fulfil its contracts until the end of September.

The report said: “The company had found itself in the unprecedented position of being in a cash flow crisis, which it attributes in main to the Covid-19 pandemic, which is estimated to have cost the Company some £5m in lost earnings”.

“The Company suffered due to the postponement and then cancellation of most events and with live events being the first to be cancelled but the last to be reinstated.”

The report said that although work picked up for the firm post-pandemic, many clients still continued to pull back on events financially and look for lower cost options.

The report added: “The Company has also faced the same economic challenges as the rest of UK business, including the rising prices of fuel, rates, energy tariffs and staff accommodation, which have had a detrimental effect on day-to-day operations and profit margins.

“Whilst the Company found balance here too, the adjusting landscape contributed to its struggle to bounce back following the pandemic.”

The administrators report noted that although Televideo was awarded a contract surrounding the funeral events of the late HM Queen Elizabeth II, the firm still lost revenue due to broadcasters choosing to cancel some large-scale events during the period of mourning.

During the summer, the firm was also hit by some of its expected ad-hoc work not going ahead. This also came in an historically quiet period for the firm due to the seasonal nature of sporting contracts.

At the time of falling into administration, Televideo employed 44 people.

Following appointment on 21 August, administrators Emma Legdon and Christopher Brown of Hart Shaw LLP attempted to find a buyer for Televideo.

Although an expression of interest was produced from 16 parties, only five offers were eventually received. A final offer fell through in September after an agreement could not be reached on the value of assets.

A two day auction of Televido’s assets was held on 19 and 20 December by Walker Singleton, Hickman Shearer and CA Global Partners, featuring over 800 items.

Televideo was founded in 1976 as Meaddown Limited.

In the 1990s, after changing its name, the firm contracts for the majority of the UK’s football clubs, producing weekly highlights footage and end of season documentaries for VHS. It then secured a contract with Match of the Day, where its at the time 15 strong team worked to cover thousands of matches and player interviews for a number of years.

Televideo went on to produce work for Sky Sports, ITV, Channel 4, Channel 5, Eurosport and BT Sport.