The UKFC is selling off the National Film Trustee Company in a bid to reduce overheads.
The UK Film Council (UKFC) is selling off the National Film Trustee Company (NFTC), the UK-based film collection account management company, to financial services company Freeway Entertainment Group. The move comes as the UKFC seeks to reduce overheads in the tough current climate for public spending in the UK. Freeway was repped by Lee & Thompson in the deal.
A subsidiary company of the UK Film Council since 2000, the NFTC was formed in 1971 and currently administers revenues for more than 450 films.
As trustee, the NFTC’s two main responsibilities are: rovision of an efficient, independent and ongoing revenue collection and administration service for film financiers, producers, sales companies and third party beneficiaries with a financial interest in the exploitation of a feature film; and the management of funds in accordance with its collection agreements, impartially and transparently reimbursing funds strictly in accordance with pre-agreed recoupment structures.
Freeway Entertainment Group is a global operation that provides worldwide royalty collection and administration solutions to the international film industry.
It launched a year ago RevCheck BV, a distribution audit company offering an outstanding combination of expertise and experience in the field of revenue reconciliations from its own offices and through the worldwide network of its mother company, TMF Group.
TMF Group is a global management and accounting outsourcing company with over 3,000 professionals working out of 86 offices in 65 countries around the world.
Law firm Lee and Thompson represented Freeway in the deal.