ClearLakeBlue Limited
Project Meridian · Strictly Private & Confidential
The UK's Leading
Media Workforce
Platform
A SaaS-led production services group serving the UK television and film industry - combining a subscription workforce platform with specialist broadcast equipment hire, and generating £1.1m of normalised EBITDA in FY2026.
UK TV & Film
Subscription Platform
Equipment Hire
Debt-Free
Trade & PE Buyers
June 2026 · Strictly Confidential · For Qualified Recipients Only
Group revenue
£2.1m+
Both subsidiaries · FY2026
Normalised EBITDA
£1.1m
FY2026 · fully normalised
Company annual subscribers
146
Almost 50% of Broadcast's top 80 indies
Freelancer registrations
150,000
~2% currently monetised
The Opportunity
Overview
This is a SaaS-led production services group. The group generates £2.1m of revenue across two complementary streams: a subscription workforce platform serving 146 companies on annual or longer-term deals and 150,000 registered freelancers, and a specialist equipment hire subsidiary with contractual broadcaster relationships. At ~47% PBT margins on the platform component, the subscription economics confirm this as a SaaS database rather than a recruitment business or staffing agency. The monetisation opportunity on both sides of the platform is substantial: a community of over 4,500 companies are registered on the platform, with 150 in North America, and only ~2% of 150,000 freelancers currently pay for a Pro subscription - all representing conversion opportunity requiring no new client acquisition.
Subsidiary 1 · Talent Platform & Training
Subsidiary 1 Limited
~£1.46m total revenue · FY2026 management accounts
Founded 2002, with the platform launching in 2012. The platform is the UK's specialist credentialed database and subscription service for the TV and film industry - connecting production companies with established professionals across all off-screen disciplines. Platform subscriptions (company and freelancer combined) generate £1.16m of the subsidiary's £1.46m total revenue; the remainder comes from an industry-commissioned training capability with £259k of contracted income remaining. 146 companies subscribe, including almost 50% of Broadcast's biggest 80 indies. A further 4,500+ companies are registered on the platform as a community, representing a substantial conversion opportunity requiring no new client acquisition - a number already engaging on a pay-as-you-go basis.
Subsidiary 2 · Equipment Hire
Subsidiary 2 Limited
£682k revenue · FY2026 management accounts (+41% vs FY2025)
Specialist broadcast and production equipment hire serving the UK unscripted and factual TV market. Preferred supplier to the major UK broadcaster (5-year framework agreement to August 2029). Among the first companies to be carbon-neutral in the UK equipment hire sector. Supplies kit to BAFTA-winning productions and major streaming platform documentary series. FY2026 is the strongest trading year since the subsidiary was established.
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Niche first-mover position
Operating in a defined, defensible niche - UK TV/film workforce credentialing - as the UK's leading platform in its category, with significantly larger subscriber relationships and longer-established client contracts than any identified competitor.
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Recurring, pre-paid revenue
Company subscriptions are invoiced annually in advance - clients pay before the service period begins. Renewal rates are consistently high; multi-year contracted relationships are in place with major broadcaster and content group clients. Freelancer subscriptions are also paid in advance on automated, recurring billing.
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Sector tailwind accelerating
UK total film and HETV production spend reached £6.8bn in 2025 (BFI), up 22% on 2024. High-end digital content creation is expanding the addressable market beyond traditional broadcast. AI is accelerating this trend - as AI increases freelance working across the creative economy, the need for credentialed professionals grows with it.
Financial Proof Points
Statutory evidenced
Note on EBITDA: Normalised EBITDA for FY2026 is approximately £1.1m. Normalisation adjustments include above-market related-party rent, director expenses, and recurring director pension contributions. A detailed EBITDA bridge will be provided in the Information Memorandum.
Subscription Platform
£1.16m
Combined subscription revenue - confirmed
Combined platform subscription revenue reached £1.16m in FY2026: company subscriptions £810k (from 146 annual subscribers), freelancer Pro subscriptions £335k, and pay-as-you-go income £24k recorded separately.
7×
Pricing growth since 2014
Entry-level company subscription pricing has increased 7× since 2014. Pricing is structured on company turnover rather than number of users, so clients move up tiers automatically as their revenues grow. Legacy rates are conditional on maintaining continuous subscription, creating strong structural retention.
Equipment Hire
£682k
Equipment hire revenue - strongest trading year
The equipment hire subsidiary grew from £484k (FY2025 statutory) to £682k (FY2026 management accounts). A new training income stream of £97k appeared for the first time at an 83% gross margin. Client concentration is actively improving.
2014
Long-standing relationship with major UK broadcaster
The major UK broadcaster is a long-standing subscriber to the platform. The equipment hire subsidiary has been a preferred supplier since 2014, with a formal 5-year framework agreement in place to August 2029.
Group
£1.1m
Normalised EBITDA FY2026 - confirmed
Normalised EBITDA of approximately £1.1m for FY2026, confirmed across both subsidiaries. A business generating profit at this level through sector disruption, group restructure and a major equipment hire demerger is structurally profitable - not cyclically so.
£0
External debt - confirmed across all periods
Both entities carry no bank debt. No covenant management, no refinancing risk, no restructuring capital required. The group is entirely self-financing.
Client Base and Market Context
Platform credentials
The platform's subscriber base includes the UK's major broadcasters and a cross-section of the leading independent production companies. A selection of confirmed relationships is shown below.
Major UK Broadcaster
Long-standing relationship
World's Largest Content Group
3-year deal to 2027
Major Football Club
Sports sector - new FY2026
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150,000 freelancers · 2% monetised
Pro freelancer entry-level subscriptions are priced from £83 per year - a rate reflecting the platform's historical emphasis on free access for freelancers. At current entry-level pricing, each percentage point increase in conversion adds approximately £125k of annual revenue. Pricing headroom is significant: the same model that delivered 7× company subscription price growth since 2014 has not yet been applied to the freelancer side. On the company side, a community of over 4,500 businesses are registered - including 150 in North America - of whom only 146 currently subscribe.
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£6.8bn UK production spend
UK total film and HETV production spend reached £6.8bn in 2025 (BFI), up 22% on 2024. High-end digital content production - including premium YouTube and streaming-first formats - further extends the addressable market, employing the same freelance talent pool the platform serves.
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Expanding sector reach - beyond broadcast
The platform is increasingly used across advertising, digital, NGO, corporate and hospitality sectors - reflecting that professional video content creation is no longer a broadcast-only activity. A new sports sector client was added in FY2026, and 150 registered companies are based in North America, providing an identified international foothold.
ClearLakeBlue Advisory View · June 2026
Six reasons this is a compelling acquisition
£1.1m normalised EBITDA in FY2026 - confirmed. A business generating profit at this level through sector disruption, group restructure and a major equipment hire demerger is structurally profitable - not cyclically so.
Platform value not priced in. At lower mid-market revenue scale, the group is likely to transact at staffing-level multiples - yet its margin profile and subscription economics support a platform-level valuation. The arbitrage represents the return opportunity for a sophisticated buyer.
Untapped pricing power within the existing client base. Legacy clients on lower rates represent organic revenue uplift with zero new client acquisition. Company subscription pricing has increased 7× since 2014 yet cohort repricing has not been systematically pursued.
150,000 freelancers, 2% monetised. A community of over 4,500 companies and 150,000 freelancers are registered on the platform. Only 146 companies and ~2% of freelancers currently subscribe. The single largest growth opportunity requires no new client acquisition and no new product development. This is a monetisation story, not a product story.
Clean balance sheet - no debt, no complexity. Zero external debt. No refinancing, no covenant management, no restructuring capital required. Both businesses can be grown from a clean starting position.
International scalability with a proven template. The credentialed database model is not UK-specific. The same template applies to the US, European and broader digital content markets. A buyer with international infrastructure has an identified expansion pathway requiring no new product development - only market entry.
Management Team
Founders
M
Founder, Managing Director
Group MD
Oxford PPE graduate. Former financial journalist - Financial Times (founding team of ft.com) and The Daily Telegraph. Led the group's expansion into training and broadcast equipment hire. Former board member of the Moving Image Training Alliance (MITA).
S
Founder, Creative Director
Group CD
Former BBC and Channel 4 television producer, specialising in self-shot documentary. Founded the original business in 2002 based on a gap she identified from her production experience. Developed the sector's first freelancer diversity toolkit with industry regulators. With the business since inception - over 23 years.
IMPORTANT NOTICE: This document has been prepared by ClearLakeBlue Limited solely for the purpose of providing general information about a potential acquisition opportunity and is strictly confidential. It is directed only to persons who have received it directly from CLB. This document does not constitute an offer or invitation to purchase or subscribe for any securities, nor does it constitute investment advice. The information has been prepared based on information provided by the company and from publicly available sources. CLB has not independently verified the information and makes no representation or warranty as to its accuracy or completeness. Recipients should conduct their own due diligence and seek independent professional advice before making any investment decision. ClearLakeBlue Limited is registered in England and Wales (Company No. 09367221). Not authorised or regulated by the Financial Conduct Authority. Direct approaches to the company or its employees are strictly prohibited.