Debts come into focus as Arena Television closure makes headlines
The fallout from the closure of Arena Television has made the national press in the UK with two major news outlets publishing claims about the amount of money owed by the Surrey-based outside broadcast facilities provider.
SVG Europe is unable to substantiate that figure but, speaking to a party who is familiar with the company’s situation, and who is owed money by it, we can confirm that the debts are likely to be in the 100s of millions of pounds with a figure near to £250m possible.
Benjamin John Wiles and Robert Armstrong of Kroll Advisory were appointed joint administrators of the company on 12 November 2021.
Arena’s sister company, Arena Aviation, which provides aerial filming services, has also ceased trading.
Earlier this year the company launched CoreTX, a decentralised and cloud-based production service that includes, at its heart, a new Production Centre based at its HQ in Redhill, Surrey.
In the financial year ending 2019, Arena Television Ltd had a turnover of £29 million and employed 100-plus staff.
A spokesperson representing the administrators declined to comment.