The sales arm of HandMade Films loses sales chief and cuts jobs amid a strategic review of the parent company.
HandMade Films International, the sales arm of the troubled film company, is cutting more than half of its sales team. The news comes as it is also confirmed that sales chief Guy Collins has resigned.
The nine-strong HandMade sales team will now be reduced to four following a consultation process with staff.
Anthony Fraser, interim chief executive of HandMade PLC, said: “All we are seeing is a downsizing of that operation. It doesn’t mean we will be stopping business.”
HandMade is currently undergoing a strategic review and shares in the Aim-listed company have been suspended since early January.
“We are not in a position to announce the results of that review yet but as soon as we do, there will be a public announcement on the stock exchange,” Fraser said.
He added that HandMade’s “cost base was out of line with the revenue…what we are doing is seeking to realign the costs with the revenue and that means reducing the cost base somewhat.”
Fraser said that HandMade was unlikely to draft in a heavyweight sales figure to head up the HFI team. “We’ve got the people to do the things that we need them to do. At the end of the day, we are a very small business here. We don’t need a separate head of business for that area.”
In recent years, HandMade has announced some ambitious projects including a big budget remake of The Long Good Friday and long-gestating children’s film Eloise In Paris.
“Those projects are all still in contemplation,” Fraser said. “They haven’t come to fruition yet but you shouldn’t take that as a view that means they won’t.”