Long-standing Soho full service post house and film investor, Lipsync Post, has entered administration.
A filing on Companies House shows that Lipsync’s registered address was changed on 22nd May to that of the administrator, accountancy firm Oury Clark, by Oury Clark’s Head of the Insolvency & Restructuring team, Nick Parsk. An earlier filing shows that Lipsync originally filed for administration on 20th March.
Lipsync, run by Norman Merry and Peter Hampden, has been in existence for over 30 years and provides full picture post services from grade to sound to titles for high end TV and feature films. Alongside its post services, Lipsync has long been a backer of indie film putting in equity investments to a variety of project over the years. Lipsync’s parent company is Glenthorp Ltd of which Merry and Hampden are the two directors.
Recent projects that Lipsync has worked on include The Brutalist, Wolf Hall, One Life, Golda and Living.
About 70% of Lipsync’s work comes from the feature film market.
According to Lipsync’s entry for the Televisual Facilities 50 late last year, Lipsync employs 75 full time staff.
Although the last set of accounts on Companies House (to end of July 2023) show a profit of £1.1million on a £36.1million turnover and a very positive balance of £4.9million as retained earnings, the same accounts show over £10million as future receivables and deferred income. While the accounts show a strong financial position on paper, much of the company’s value was locked into future payments and unbilled revenue. With deferred and mounting payments due and the pressure on cash flow, Lipsync would be legally obliged to file for administration.
Staff Reporter
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