Almorah Services buys HandMade

Spokesman says buyout was necessary to save company

HandMade Plc – parent company to HandMade Films -, which owns the rights to titles such as “Monty Python’s Life of Brian” and “Lock, Stock and Two Smoking Barrels,” has been bought out by Almorah Services Ltd for £2.3 million ($3.5 million).

Almorah, which was set up specifically to do the transaction, bought a 40% stake of HandMade at 1p (1.5 cents) a share from Cartier Investments Inc, the company’s biggest shareholder. Almorah has “irrevocable” offers from shareholders for another 14% of the company, giving it a controlling share of the shingle.

HandMade, founded by former Beatle George Harrison in the 1970s, has been having financial difficulties for a number of years and has suspended trading on the stock market twice in the past year. Shares are currently suspended at 9.5p (14.5 cents) a share, valuing it at £22 million ($33.6 million).

A spokesman for Almorah said the buyout was necessary to save the company from further financial despair and “will launch a strategy review of the company once the situation has been examined further.”

In addition to “Life of Brian,” HandMade has produced films such as “The Long Good Friday,” “Withnail & I,” “Time Bandits” and “Planet 51” and has announced a remake of “The Long Good Friday” and children’s pic “Eloise In Paris.”

HandMade could not be reached for comment.

Popular on Variety

More Biz

  • Spotify logo is presented on a

    Spotify Triples Free-Trial Period on Premium Service

    Spotify today extended the free-trial period for its Premium service from one month to three, tripling the amount of time listeners can take full advantage of the streaming giant’s offerings without paying for them. According to the announcement, the offer is “always-on/not limited time,” and will roll out across Spotify Premium plans globally: Individual and [...]

  • The Ringer Promotes Sean Fennessey, Mallory

    The Ringer Promotes Sean Fennessey, Mallory Rubin to Top Editorial Roles

    Mallory Rubin and Sean Fennessey have been promoted to top editorial posts at The Ringer, the pop culture and sports website and podcast network. Fennessey has been named chief content officer and Rubin has been named editor in chief. Both editors have been with The Ringer since it launched in 2016. Fennessey previously served as [...]

  • RihannaFenty Beauty By Rihanna Launch, Madrid,

    Rihanna's Diamond Ball Will Honor Activist Shaun King, Barbados Prime Minister Mia Mottley

    Barbados Prime Minister Mia Mottley and civil rights activist Shaun King will receive this year’s Diamond Ball Award at Rihanna’s fifth annual Diamond Ball, which will also feature performances from Pharrell and DJ Khaled. “I can’t imagine a better night than this year’s Clara Lionel Foundation event with Seth Meyers, Pharrell and DJ Khaled,” said [...]

  • Rules Don't Apply

    Warren Beatty and Arnon Milchan Settle Suit Over 'Rules Don't Apply' Flop

    Arnon Milchan and Warren Beatty have settled their two-year legal battle over the disastrous release of “Rules Don’t Apply,” Beatty’s period drama about Howard Hughes. Milchan’s attorneys have filed a notice with the court dismissing his suit against Beatty. Terms of the settlement were not disclosed. Milchan’s company, New Regency, sued Beatty and other investors [...]

More From Our Brands

Access exclusive content