Geldof prodco secures funding, welcomes ITN’s Wood

Ten Alps, the British production group singer Bob Geldof co-founded, has raised £300,000 (US$510,000) from shareholders, and added former ITN chief executive Mark Wood to its board.

Herald Investment trust, which is Ten Alps’ largest shareholder, has pledged £150,000, while non-executive director Tim Hoare is adding £50,000. The other £100,000 has come from other shareholders.

Ten Alps, which owns production companies Brook Lapping, Films of Record and Blakeway, will use the funds for “business development and general working capital requirements”, it said.

The company posted revenues of £12.24 million in is half-year results to March 31, 2014, down from £14.17 million for the same period in 2013, according to unaudited results. However, it significantly cut operating losses from £6.11 million to £850,000.

Meanwhile, Wood has become a non-executive director will immediate effect.