Sky snaps up Leeds production company

TV giant Sky has taken a majority stake in Leeds production company True North.

True North employs 150 people across its bases in Leeds and Manchester and was one of the first to receive investment from Channel 4’s £20m Indie Growth fund in 2014.

The sale to Sky represents Channel 4’s first full exit since launching the fund, and will invest the proceeds back into the fund.

The company, which is based at Marshalls Mill, said it is committed to developing a strong production business in the north of England and growing its two Northern offices.

True North founders Andrew Sheldon and Jess Fowle who launched the business in 2001 along with Glyn Middleton will stay on as creative directors.

Managing director Marc Allen and executive producer Fiona O’Sullivan, who leads the company’s Manchester operation, will also be staying with the company to help drive international and format strategies.

True North currently has eleven series in production and is responsible for some of the UK’s most enduring factual brands. Key shows include A New Life in the Sun for Channel 4, the Junior Vets/ Ultimate Vets brand for CBBC, Homes By the Sea and Building the Dream for More4, and Teen Mom UK for MTV.

Going forward, Sky’s international production and distribution arm, Sky Vision, will represent True North’s new programmes and formats while the True North management team retain their creative independence.

True North founder and creative director Andrew Sheldon said: “Being aligned to Channel 4 has been a terrific experience. Although they won’t be investors anymore we’re really looking forward to continuing our creative partnership with the channel. We’re now well placed to deliver on a new set of ambitions in the global market, and we think Sky are the perfect partners to help achieve that.”

True North founder and creative director Jess Fowle said: “We’ve grown and nurtured True North for the last sixteen years so it was absolutely crucial to find the right partner. We had a lot of interest from potential investors but Jane Millichip and her team demonstrated that they understand and value not just our content, but our culture, and that proved irresistible.”

Jane Millichip, managing director at Sky Vision, said: “True North has an incredible track record, and we’re really excited to have the opportunity to work with two renowned industry figures in Jess Fowle and Andrew Sheldon to develop more top quality programming. This acquisition builds on the work we have done over the last few years to create a European powerhouse for content production and distribution.”

David Abraham, chief executive at Channel 4 said: “We set up the Indie Growth Fund to help support creative UK companies get to the next level – and in just two years we’ve helped secure a strong future for True North. In this time, and with Channel 4’s support, Andrew and Jess have built one of the biggest factual indies in the country and established an important training ground for new and diverse creative talent in the north.

“The return on our investment in True North will support our ongoing commitment to the UK wide creative sector.”

ACF Investment Bank advised the shareholders of True North on the transaction.