22nd May 2014 11:56
LONDON (Alliance News) - Parity Group PLC said Thursday it has acquired the business and assets of Golden Square Post Production Ltd from its administrator for less than GBP0.5 million.
Parity said the business will continue to trade as Golden Square through a new, wholly-owned subsidiary of Parity Digital Solutions, a division of the Group. The company will sit alongside Parity's Inition, its PDS's 3D technology business, and the Systems IT Solutions business.
The founders of Golden Square, Phil Gillies and Alan Young, will continue to lead the business, said Parity.
Golden Square is a London-based post-production and international content distribution business. The company generated revenues of GBP3.5 million for the year ended April 30, 2013 but experienced constrained cash flow after failing to renew a significant contract in 2013.
Shares in Parity were trading 4.19% higher at 19.725 pence per share Thursday afternoon.
By Alice Attwood; [email protected]; @AliceAtAlliance
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