VTR sold out of administration

The business and assets of, special effects company, VTR North Ltd have been sold out of administration, securing the jobs of all of its current workforce.

VTR North, a post production and special effects company with facilities in Leeds, has been sold to CNBB Ltd.

VTR, which was founded in 2005, provides editing and finishing as well as audio and special effects services.

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The business was placed in the hands of joint administrators Jason Elliott and Craig Johns of Cowgill Holloway Business Recovery on October 27.

Prior to their formal appointment the joint administrators had commenced a marketing campaign which they continued with for a short period of time following their appointment to ensure that it was brought to the attention of as many potentially interested parties as possible.

A sale to CNBB Ltd was completed on October 30. The sale ensures the continuity of the employment of the entire workforce and with the ongoing involvement of existing management underpinned the integrity of the debtor ledger thereby ensuring that creditors would receive maximum return.

Mr Elliott said: “We are delighted to have been able to achieve a sale of the business but additionally, the combined experience and knowledge of this sector that the purchasers bring should ensure a long term viable future for the business and its employees, which is great news for its staff and customers.”