Milk creates Academy and BAFTA award-winning visual effects for the international high-end television and feature film markets.
Milk entered into an onerous contract which, due to overruns and increased deliver costs, led to a reduction in the headroom and associated cash-flow difficulty. A delay in contract awards exacerbated cash flow pressure and resulted in an urgent new money funding requirement.
BDO’s Special Situations M&A Team was introduced to the situation by the British Growth Fund (‘BGF’) as minority stakeholder. BDO was engaged by Milk to run an accelerated M&A process.
Rescue financing was put in place by Cable Capital who assumed a majority equity stake in the company.