International distributor Target Entertainment has gone into administration just 18 months after being bought by Metrodome.
The board of Metrodome Group, which bought the company in 2010, stated that there is little prospect of Target returning to profitability.
BDO has been appointed as administrators.
It has been a turbulent 18 months for the company.
In August 2010, Metrodome paid £800,000 for Target, which represents nearly 4,000 hours of scripted, factual and kids’ content including Fifi and the Flowertots, the Popstars formats, reality show Tool Academy and Most Haunted.
A year later, chief executive and founder Alison Rayson stepped down and was replaced by former ITV Global Entertainment exec Emanuelle Namiech.
But in December, Metrodome was forced to issue a profit warning and stated that Target had been hit by “tougher than expected trading conditions” in the last quarter of 2011.
The group was banking on an improved performance in the final three months of the year, a traditionally strong trading period, but claimed that it experienced a slow-down in demand from Europe.
At the time, Metrodome executive chairman Mark Webster said Target was reliant on international sales which had failed to materialise.
Two weeks ago, Target said it was in talks with “various parties” about their future ownership, confirming speculation that it was up for sale.
This story was first published by Broadcast.