Natwest Case Study - Framestore Ltd
Framestore Ltd is the largest visual effects and computer animation studio in Europe, with over 20 years of experience in digital film and video technology. It has won numerous international awards for its work on commercials, television and films. Some notable films it’s worked on include Avatar, Clash of the Titans, Harry Potter and the Order of the Phoenix, Sherlock Holmes and The Dark Knight.
During early 2011 Framestore decided to invest in the business to help place it in a strong position going forward and cement its market leading position. Working in an industry driven by creativity and technology means having the latest equipment is crucial. Framestore knew exactly what it wanted and, having built a strong relationship with Lombard over the years, approached it with its plans.
Chris Hughes, Lombard Relationship Manager, explains, “Framestore was keen to invest in new IT and film production equipment. With new contracts and several big films coming up over the next year, it was important we had the funding in place in time to support the growth of the business. We created a £1.75m sale and leaseback solution for Framestore, helping it purchase the necessary equipment without paying for it upfront and enabling it to manage the repayments over the useful life of the assets.”
Lombard’s funding helped Framestore update its IT estate and continue to be at the forefront of the visual effects (VFX) production industry. Having the latest technology has helped Framestore win major contracts for films such as Gravity, Clash of the Titans 2 and 47 Ronin. Jim Robertson, Framestore’s Head of Finance, explains, “Lombard has really helped us through the past few years and supported our updates. Its specialists in technology understand the business and the value of our assets. We’re open with Lombard about the business which helps the funding go smoothly and it’s reassuring to know Lombard is there for support. The latest funding has not only helped the business flourish, but also allowed us to invest without jeopardising capital.”