Clangers and Bagpuss ‘agree’ £4.3m takeover plan

THE company that owns the rights to children’s TV classics Bagpuss and the Clangers has agreed in principle to a £4.3 million takeover by a private equity firm.

Coolabi, which also owns the popular Purple Ronnie greetings card brand, said yesterday that it had reached an “understanding in principle” with North Promotions over a possible 7.75p-a-share offer.

Although Coolabi insisted there “can be no certainty that a firm offer will be made”, it stressed it had arrived at the decision after consulting with its major shareholders.

The announcement coincided with the media firm’s half-year results which showed that it made a loss of £300,000, compared with earnings before interest, taxes and depreciation of £20,000 during the same period last year.

William Harris, chairman of Coolabi, said: “As in 2010, we expect the results to be heavily weighted towards the second half.

“There is still much to do in order to realise management’s expectations for the full year… successful attendance at important trade fairs over the next couple of months will be crucial.”