成人快手
to sell Technology subsidiary
The
成人快手 is to sell its wholly-owned commercial subsidiary 成人快手 Technology
Ltd.
The
move follows a strategic review of the 成人快手's technology requirements
for the next decade.
The
review identified potential annual savings for the 成人快手 of between
拢20-拢30 million if its technology services were outsourced.
The
review concluded that the 成人快手 should conduct an EU procurement process
in which the winner would buy 成人快手 Technology and, as part of that
process, take on about 1,400 staff currently employed by 成人快手 Technology
Ltd.
Combining
the procurement process with the sale of 成人快手 Technology Ltd as a
whole means the 成人快手 can leverage maximum value and, as a result,
invest more money in its programmes and services.
The
sale is subject to the approval of the Secretary of State for Culture,
Media and Sport.
The move offers growth opportunities for the staff at 成人快手 Technology
as the company will undoubtedly attract bids from major technology
businesses with scale and expertise.
There
are 1,400 people likely to transfer with 成人快手 Technology to the successful
bidder after the EU procurement process, which is due to be completed
by Autumn next year.
成人快手
Technology was created in 2001 to deliver significant savings to
the 成人快手 through its contract for technology services, including
desktop support, and to generate third party revenues.
The
company has won important contracts in the UK and abroad with companies
such as Hutchison 3G, ESPN (US sports channel), DIRECTV and National
Public Radio.
Last
year, 成人快手 Technology delivered 拢19 million in profits and
price reductions back to the 成人快手.
An
internal review carried out by 成人快手 Technology concluded that for
the subsidiary to be competitive further rationalisation would be
needed, which would have resulted in substantial job losses.
成人快手
Director-General Greg Dyke said today: "By taking our technical
support contract to the market and selling 成人快手 Technology we can
achieve significant savings over a sustained period of time.
"We
would also expect to receive a significant sum of cash for the business.
"While
some 成人快手 Technology staff will inevitably feel worried about the
prospect of change we've reached the conclusion that this is a win/win
situation for the 成人快手 and the staff.
"This
way the staff will continue working on 成人快手 business but at the same
time 成人快手 Technology, which has been very successful at winning outside
contracts, will get the capital injection it needs to expand further
albeit in someone else's ownership.
"When
we were given our current funding agreement in the year 2000 by
Chris Smith, the then Secretary of State for Culture, Media and
Sport, he made it a condition that we raised an additional 拢1
billion over the next seven years.
"He
suggested one way of contributing to that was to sell a 成人快手 asset.
This is what is now planned.
"A
major factor in this process will be ensuring that we make employment
terms a priority and future pension arrangements will be an important
issue for the 成人快手 during the commercial negotiations.
"Obviously,
we will be consulting fully with staff and BECTU.
"We
have no plans to sell any other of our commercial subsidiaries."
Roger
Flynn, Chief Executive Officer, 成人快手 Ventures Group, commented: "成人快手
Technology has delivered great value to the 成人快手 and this deal will
ensure that we are adding even greater value.
"The
dedication and commitment of the staff has resulted in an impressive
performance over the last two years in a difficult market."
Ann
Wilson, Managing Director, 成人快手 Technology Ltd, commented: "成人快手
Technology is, by any standards, a success story.
"Since
its creation, we have moved into profit within three years and,
through the dedication of our staff, have improved the contribution
that technology is making to the 成人快手.
"We
welcome the opportunity that the procurement and sale will bring,
as it will allow us to grow our products and services in a dynamic
technology environment."
The
成人快手's Governors today approved the proposal for sale and procurement,
subject to the DCMS approval.
It
is anticipated that the new contract will begin by the end of 2004.
Notes
to Editors
Roger
Flynn announces intention to leave the 成人快手
About
成人快手 Technology Ltd
Founded
in March 2001, 成人快手 Technology Ltd provides products and services
for the 成人快手, other broadcasters, platform owners, content owners
and government organisations.
Drawing
on eight decades of pioneering technical expertise and innovation
for the 成人快手, 成人快手 Technology Ltd helps organisations create, manage
and distribute content more effectively across multiple platforms.
成人快手
Technology Ltd's products and services include: the award-winning
Colledia product portfolio which creates a tape free broadcast environment,
media communications, internet solutions and consulting services.
Customers
include: 成人快手 News, BSkyB, DirecTV, Inc., ESPN Inc, Hutchison 3G,
SABC and Scottish Enterprise.
成人快手
Technology Ltd has 1,400 staff and a turnover of 拢220 million.
About
成人快手 Ventures Group
成人快手
Ventures Group, the 成人快手's business to business commercial division,
comprises four operating businesses: 成人快手 Technology Ltd, 成人快手 Broadcast
Ltd, 成人快手 Resources Ltd and 成人快手 Vecta Ltd.
The
group provides a full range of managed media services and facilities
to the 成人快手 and other media companies both in the UK and internationally.
It
has been tasked with maximising commercial return back to the 成人快手
for the benefit of programme making and other 成人快手 services.
In
2002/03 Ventures turned a 拢10.5 million loss into a 拢14.5
million profit, on turnover of 拢440 million and almost 4,000
staff.
About
BECTU
BECTU
is the independent union for those working in broadcasting, film,
theatre, entertainment, leisure, interactive media and allied areas
who are primarily based in the United Kingdom.
The
union represents permanently employed, contract and freelance workers
within these sectors.
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