Target on course to change hands

Target Entertainment’s programming back catalogue is poised to pass into the hands of another UK distributor, C21 understands.

Sources with knowledge of negotiations said administrator BDO is close to sealing a deal with an unnamed UK-based sales company for Target’s back catalogue after receiving an offer this week.

C21 understands an official announcement could come as soon as today. Names in the frame, according to industry sources, include Entertainment One, DCD, Cake and Zodiak Rights – all of which are currently active in the UK in either children’s and/or factual distribution – genres in which Target specialised.

Much of Target’s newer programming has already reverted back to programme makers after an initial scramble triggered by the administration, as C21 reported last month.

Target parent Metrodome Group put the company into administration on February 28 after failing to find a buyer. It had paid £800,000 for Target in July 2010 but said there was “little chance” of it returning to profit after international sales failed to materialise in the fourth quarter of 2011.

This came after Target founder Alison Rayson, who set up the business in 1998, left last year, handing the reins to Emmanuelle Namiech.

Target is not the only UK company to have fallen on tough times in the past year. Children’s IP group Chorion was forced to sell brands such as Noddy, Mr Men and the Octonauts under the weight of bank debts, while Chapman Entertainment made significant redundancies last year after running into financial trouble.

Chapman later sold a 27% stake to Edge Performance VCT, an investment group that also aided the recent Coolabi management buy-out, for £675,000.