Feltwave, the Danish-based sister operation of Increasingly prolific London-based post operation WAVEpictures, has gone into receivership, citing a downturn in the TV sector.
Torsten Leschly,(pictured) who owns the two companies, may look to ease financial problems by selling a stake in the UK company, which invests equity in films and has co-produced or post-produced features including 24 Hour Party People, Wild About Harry and Saving Grace. The company is understood to have several parties interested in taking a stake or partnering.
Commenting on reports that WAVEpictures was in the financial headwind, Leschly said: "The rumours of our death are strongly exaggerated. Our Danish branch, Feltwave, has gone into receivership, but our London arm continues as before."
Other Danish production outfits have been in trouble because of the failing TV market, including majors like Nordisk Film. "Our major problem has been, what everyone else in Denmark have felt, the lack of TV-productions," Leschly said "We continue to have a good turnover on commercials and features, but we have had close to no jobs on TV, which Feltwave was based on."
But Screen International's sister publication Broadcast this week reported around 200 jobs had been axed in the London post prodcution sector in recent weeks. The losses are believed to have been at traditional post-production facilities doing titles, editing and packaging. Branding specialist Red Pepper ID was also forced into liquidation this week.
Three months of slow business and a reduction in advertising production and broadcast budgets have been blamed for the slump. Many are predicting the sector is heading for a recession.