Life Begins Film Limited

The administration of Life Begins Film Limited (the “Company“) has resulted in the successful sale of the principal asset of the Company, an almost-finished feature-length film titled “The Chelsea Cowboy”.

The Company, which was incorporated in January 2015 with equity investment capital of £150,000, entered administration on 18 March, after it ran out of funding before the film could be completed. In their Proposals dated 11 May, the Joint Administrators explained how the company eventually found itself in administration.

After the company was incorporated, the funds raised were utilised to, amongst other things, produce scripts for two romcoms and run the affiliated marketing campaigns. Those projects were subsequently discontinued as the market for this genre was not highly sought after at that time.

The Company’s sole director, Mr Leon Butler, started developing a script for a film that would eventually become “The Chelsea Cowboy” – a biopic based on the life of actor, gangster and legendary lothario John Bindon. Plans were soon underway to produce the film, and the Company raised funds to accelerate the commercialisation and cinematic release.

By the end of 2021, approximately £2.5m had been expended on the production and marketing, of which £775,000 had been invested by SHP Prestige Limited and its parent company, SHP Capital Holdings Limited.

During filming, the production experienced a number of issues, including an illness suffered by the lead actor, which led to filming being paused. The disruption meant the film began to run over budget. By the time that shooting was 75-80% complete, the Company had entirely depleted all funds and was unable to raise additional cash, forcing production to come to a halt in early 2022.

Upon their appointment, the Joint Administrators held extensive discussions with two competing consortia of existing and new investors who expressed interest in acquiring the film.

Following complex negotiations with both bidders, the film was sold to a consortium of investors, including the major original investors and a specialist packaging firm (Filmojy.com) which will continue to fund the post-production and delivery of the film.

The Joint Administrators negotiated the sale contract to include a term requiring a percentage of any future profits the film generates after its release to flow back to the Company’s original investors and other creditors, as well as a significant voluntary write-down of existing debts owed to the winning bidder’s consortium.

The Joint Administrators expect this sale will lead to the completion and big screen release of the British crime drama as soon as possible. The film boasts an all-British cast, which showcases some of the country’s best and rising talent, directed by Ben Cookson.

Chris Farrington and Cameron Gunn of ReSolve are the Joint Administrators. They are assisted by Bird & Bird.

The Administrators’ Proposals can be found HERE, and their press release announcing the sale can be found HERE.