Overview:
On 25 April 2024, David Kemp and Richard Hunt of Exigen Group were appointed Joint Administrators of Shift 4 Limited, a long-established television production support company operating from London and Manchester.
Founded in 1989, the business specialised in cinematography equipment rental and technical support for film, drama, and broadcast productions. The appointment followed a challenging period for the UK TV and film sector, affected by industry-wide strikes, reduced commissioning activity, and delays in key software projects. Combined with significant debt and operational pressures, these issues left the company unable to remain financially stable.
Financial Challenges:
Shift 4 saw a sharp fall in revenue during 2023 due to a mix of external and internal pressures. Industry-wide strikes disrupted production schedules and major broadcasters reduced commissioning due to lower advertising income. At the same time, the company’s investment in a new booking system ran over budget and behind schedule, delaying the efficiency gains it was meant to deliver.
The business also carried significant debt, including government-backed loans and equipment leases, which became harder to manage as cashflow tightened. Despite efforts to restructure finance arrangements and secure new funding, the company was unable to regain stability and ultimately entered Administration.
Exigen’s Appointment and Outcome:
Following their appointment, Exigen implemented a short trading period to maintain goodwill and enable an orderly sale of assets. It helped secure a significantly better overall result through an in-situ asset sale.
Key outcomes included:
- Asset sale: The company’s business and assets were successfully sold, generating a strong return for creditors.
- Book debt recovery: Outstanding receivables were recovered.
- Additional realisations: Funds were also recovered from company vehicles, pre-appointment bank balances, and insurance refunds.
- Property management: Exigen Property oversaw the surrender of three leasehold sites and managed licence-to-occupy arrangements, liaising with landlords and solicitors to recover outstanding sums and complete all property matters efficiently.
Exigen Property’s involvement ensured property issues were handled swiftly and cost-effectively, helping to maximise recoveries for creditors.
Administrator Comments:
David Kemp of Exigen Group said:
“Shift 4 was a significant case in a sector that has faced extraordinary disruption. Our strategy focused on safeguarding value through controlled trading, targeted asset realisation, and proactive property management via Exigen Property. This collaborative approach has delivered strong results for creditors and ensured an orderly wind-down of the business.”