Target Entertainment goes into administration
Distributor Target Entertainment, which was bought over by Metrodome Group 18 months ago, has gone into administration.
BDO has been announced as the administrator with effect from today.
Metrodome said in a statement: “The Board of Metrodome Group plc announces that it has taken the difficult decision that Metrodome can no longer continue to provide support to its loss making subsidiary Target.
“Given the tougher than expected trading conditions for Target, as highlighted in the trading update on 21 December 2011, the Board believes there is little prospect of Target returning to profitability in the near future and, together with its advisers, has conducted a thorough review of the available options for Target.”
Metrodome paid £800,000 in August 2010 for Target, which distributes shows including Taggart, Tool Academy, Most Haunted and Fifi and the Flowertots.