Channel 4 acquires Firecrest Films through new Creative Investment Fund

Nicole Kleeman and Iain Scollay

UK public broadcaster Channel 4 has acquired Scottish Indie Firecrest Films through its newly launched Creative Investment Fund (CIF).

The investment marks the first majority investment from the new Fund, which was announced in May, as part of the channel’s controversial twin-track approach to IP ownership.

Firecrest Films is based in Glasgow and was founded by MD Nicole Kleeman and creative director Iain Scollay, who will both continue to run the business.

In 2017, the company received a minority investment from Channel 4’s Indie Growth Fund, which preceded the CIF.

Specialising in premium documentaries and factual content, Firecrest works with multiple broadcasters and streamers to produce content including BBC returning series Murder Trial, Murder Case, Paramedics on Scene and Highland Cops; Three Mothers, Two Babies & a Scandal (Amazon); Michael Palin: Travels of a Lifetime (BBC Two); The Secrets of TikTok Shop (Channel 4’s UNTOLD); Liar: The Fake Grooming Scandal (BBC Three); and Dispatches: The Truth About Nike & Adidas (Channel 4).

The company recently secured a six-project deal with Amazon Prime Video for tiles including The Orkney Assassin, The Hunt for Shannon Matthews and Chasing the Tinder Predator.

The investment was negotiated by Caroline Murphy, who has led the Indie Growth Fund since she joined Channel 4 in 2019.  Firecrest Films were advised by Helion Partners and Lee & Thompson.

Kleeman said: “We are incredibly proud of the hugely successful business and team we have built in Govan. Over the last eight years our partnership with Channel 4 has taken us from a small regional indie to one of the UK’s most significant documentary producers. This new relationship with Channel 4 will give us the security to futureproof the business and continue to grow talent and tell stories.”

Jonathan Allan, Interim CEO of Channel 4, said: “We have supported Nicole and Iain in their outstanding Scottish indie with their high-quality and critically acclaimed factual content for the last eight years. So I’m delighted that Channel 4 is now able to develop this important relationship with Firecrest Films through the first acquisition from the Creative Investment Fund, supporting our new strategy to invest in and own IP.

“This strategy will enable us to diversify revenues and secure Channel 4’s long-term sustainability through generating new income streams that are not wholly reliant on the advertising market. In turn we can then invest more into the independent sector and British storytelling.”