Unique Digital backed by Manchester loan fund
A COMPANY hat has devised a system of transmitting films to cinemas though the internet has opened in Manchester after securing finance from the Greater Manchester Loan Fund.
Dublin-based Unique Digital, which has its software development base in Hulme, plans to use the money to roll out the MovieTransit system to a further 600 sites, taking the total to 1,500, or 10,000 screens.
The system has already been used to deliver content to major studios, such as Fox, Sony, Disney, Warner Paramount and Universal, and it is up and running in Scandanavian countries.
The loan fund has also agreed to a second round of funding to support the extension of the network in Europe. The value of the initial loan was not disclosed and is expected to help create 12 jobs.
Managing director Chris Hagan said: “Developing our Manchester operations centre is absolutely a key strategic step, as we continue to expand our UK and International businesses.”
Maven Capital Partners manages the fund. Investment manager David Wright said: “The value of MovieTransit as a secure, reliable, and cost-effective solution has already been proved with its adoption by many of the biggest names in movie distribution. We are delighted to have supported Unique with a flexible funding package from the Greater Manchester Loan Fund, and look forward to working with management to help grow their business and create more jobs in the area.”
Patrick Keown of Freeths provided legal advice to Maven and Atticus Legal’s Stephen Chadwick advised Unique. Financial due diligence was undertaken on behalf of Maven by Sean Moriarty of AWCL.
The Association of Greater Manchester Authorities, launched the fund to help companies raise finance as a result of tighter lending criteria in the mainstream lending market.
