CHF Shutters Animation Studio to Focus on L&M
CHF Media Group has announced it will close its animation studio to focus on developing its properties for licensing and manufacturing.
The studio is known for producing children’s animation titles such as “Daisy & Ollie” and “Pip Ahoy!” Following the closure of the company’s animation wing, production on those shows will be outsourced to third-party companies via CHF’s media fund.
According to a report by Kidscreen, the decision to cease animation production was due to changes in tax rules in CHF’s native U.K. The government’s changes to the U.K.’s Enterprise Investment Scheme (EIS) reportedly impacted CHF’s ability to receive tax breaks for its production services.
Moving forward, CHF will leverage its existing properties to develop licensing and consumer product deals. The company will also reportedly continue to raise funds for its current productions and develop them with external animation houses.
“It’s given us an opportunity to reset the company, now that the burden of production has been taken off of us and put onto the production companies,” says Adrian Wilkins, chief executive officer, CHF. “This is just a change of approach to how the IPs we’ve funded are produced.