The Stage

TV production company Iostar goes into liquidation

Published Monday 14 May 2007 at 16:00 by Matthew Hemley

Fledgling television production and distribution company Iostar is going into liquidation after failing to raise the funding needed to carry out its plans.

The company, which was set up last autumn, had intended to raise £30 million in order to buy companies such as Stephen Fry’s production house Sprout and modelling agency Models 1.

It described itself as the “newest destination for high-end programming” and employed former BSkyB boss Dawn Airey as its chief executive.

However, Airey walked out in April after just eight days when she realised the company did not have the money to carry out its plans. Liquidators will be appointed on May 25.

In a statement the company said: “The board of Iostar has considered a number of options to continue the business according to a revised plan following its funding difficulties and the resignation of its chief executive.

“However, it has not proved possible to implement such plans in the time available to the board having regard to the current financial position of the company.

“Accordingly, the directors have seen no alternative but to take immediate action to place the company into liquidation. Iostar’s creditors have been informed of this decision.”