UK NEWS: FILM DISTRIBUTOR REVOLVER ENTERTAINMENT SHUTS DOWN
Screen Daily reports that film distributor Revolver Entertainment has closed its doors until further notice.
The company responsible for bringing us British ”URBAN” film classics such as Shank, SKET, Payback Season, Kidulthood, Anuvahood and Ill Manors has also apparently told its remaining staff not to return as the company would not be paying them.
According to senior staff formerly at Revolver, there are also other company-specific financial reasons for the company’s demise, not just the general DVD downturn. One internal email between executives from late last year seen by Screen describes the company’s “cash flow problems” and income being “significantly below that forecast.”
The company listed as Revolver Entertainment Limited has yet to submit its 2012 financial statement to Companies House [and does not need to until September of this year]. But the 2011 and 2010 statements for that listing reveal an outfit in decline with significant overheads. Financials for related and sister companies isn’t known.
Company profit for that business specifically declined from £721,546 in 2010 to £119,219 in 2011. Despite only adding two staff in the same 12-month period, the company’s already hefty wage bill increased by almost £250,000.
Amid fluctuation, Revolver’s “director’s remuneration” remained consistent at £240,000 each year according to Companies House.
Despite its problems, the company has yet to enter administration.
Oh dear… where did it all go wrong Revolver? Now we will never get to see SKET 2, Shank 2 or Payback Season 2.