Magic Beans Production, a Scottish film production company based in Stirling, has ceased all trading and entered liquidation after falling into financial difficulties. The company, located on Corn Exchange Road, had previously provided key management services to the award-winning Wild Child Animation, which created content for Cartoon Network, Sky, BBC, Disney, and Warner Bros.
Collapse of Wild Child Animation
Wild Child Animation entered administration on February 26 and was later sold to Oscar-nominated Magic Light Pictures. While Wild Child was rescued, Magic Beans was left with no alternative source of income and was unable to meet its ongoing financial obligations. Gordan McIntyre of Glasgow accountancy firm Wbg has been appointed as the liquidator.
No Employees at Liquidation
McIntyre confirmed that the business shut down because there was no longer a need for its services. He stated: "Magic Beans Productions provided strategic and managerial services to Wild Child Animation (WCA), a company in common ownership. When WCA was placed in administration on February 26 there was no longer a need for the company’s services. With no alternative source of income, the company found itself unable to meet its ongoing financial obligations and ceased to trade." He added that at the date of liquidation, the company had no employees, and its only asset was a 50% shareholding in a joint venture, which the liquidator is currently looking to realise for the benefit of shareholders.
Magic Light Pictures Takes Over
When Magic Light Pictures took over Wild Child Animation, it saved 30 jobs and created a new company, Stirling Animation Studio Ltd. The company was adapting Julia Donaldson's popular children's book Zog into a TV series. Joint chief executives Martin Pope and Michael Rose said they "acted quickly to protect something valuable" and added: "It’s been important to provide stability and renewed confidence for the crew at a critical time. The formation of Stirling Animation Studio will ensure completion of our Zog series, and we hope it can also be a platform for future productions."
Broader Economic Context
Other businesses have also felt the strain, with budget store Poundstretcher facing administration earlier this year. However, following High Court approval of restructuring plans, the retailer, which operates over 300 stores and employs around 3,000 staff, has been saved from collapse without store closures.
