CHF Entertainment to raise GBP2m for new children’s TV series
Cosgrove Hall Fitzpatrick (CHF) Entertainment is looking to raise GBP2m to produce a new animated children’s TV series, Pip!, to be shown on Channel 5’s Milkshake! and featuring the voice of Sir David Jason.
CHF Entertainment, creator of Danger Mouse and Count Duckula, is one of Europe’s leading animation companies.
The company will use the investment to produce 52 episodes of Pip!, each 11 minutes long, and develop and secure a number of innovative merchandising opportunities.
Some of the funding will be raised through the Enterprise Investment Scheme (EIS), which attracts 30 per cent tax relief on the investment, and is also exempt from capital gains tax.
CHF Pip! plc owns 100 per cent of the intellectual property rights to Pip!, which consists of television distribution, licensing and merchandising, publishing, mobile and internet content, music and live shows.
Adrian Wilkins, chief executive of CHF Entertainment, says: “To be a part of such a terrific animation series in the early stages is really very exciting and also very unusual. We believe Pip! is an incredibly strong concept, which could potentially be as big as Peppa Pig or Bob the Builder. There is a huge market out there for merchandising, which is great for investors because they will get a slice of everything that Pip! makes.”
CHF Pip! plc is also set to benefit from the government’s plans to offer tax relief to animation companies in the UK, which could be up to 25 per cent, starting from April 2013.
Simon Hall, managing director at CHF Entertainment, says: “The government’s decision to offer tax relief will have an incredible impact on our business and will encourage animation businesses to stay in the UK. More and more animators have been relocating overseas to countries such as Ireland and Canada, where tax incentives can slash the cost of production.
“A similar approach in the UK will not only make it a much more attractive proposition to potential investors, it will also encourage our production talent to remain in this country.”
Jason, who is best known for his role in Only Fools and Horses, has joined the board of CHF as a non-executive director.
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