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The TV arm of computer graphics and visual effects firm Red Vision has been bought out by its management team, in what is believed to be a multi-million pound deal.
The Manchester and London-based operation was only sold in June 2006 in a deal that, at the time, valued the business at up to £20m. It then became a part of AIM-listed parent firm Inspired Gaming Group (IGG). The new development sees the division of the original business into the TV company, which created the satirical TV show Headcases (pictured above), and the ‘virtual racing’ gaming division, that remains a part of the parent IGG. At the time of writing it was difficult to ascertain the exact details of the financial side of the transaction, or which parties would now constitute the main shareholders. Red Vision managing director Dave Mousley was reported to be away from the firm’s Canal Street HQ all this week when How-Do tried to make contact. However, he has been quoted as saying that the deal will now allow Red to flourish under independent ownership and that he expects the Manchester base, which currently employs 60 people, to swell to 120 staff by the autumn. The business also employs 30 people at its London outpost. Red Vision has won numerous industry accolades for its pioneering work, including winning recognition at the BAFTA’s and receiving a gong for outstanding achievement at last year’s RTS Awards. www.redvision.co.uk Something to add? Then leave a comment below or email us now.
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