One of many world’s main provider of costumes to stars of stage and display is in talks to safe exterior funding for the primary time in its 185-year-old historical past.
Sky Information has learnt that Angels, which is predicated in London, is working with advisers to lift thousands and thousands of kilos from the sale of a minority stake within the enterprise.
Kroll, the skilled companies agency, has been engaged to supervise the talks with potential traders, which has been dubbed Mission Carousel.
This weekend, Metropolis sources stated that Angels – which was based in 1840 – had initiated talks with quite a lot of events who had a monitor file of investing within the media and showbusiness industries.
Preliminary provides are understood to have been submitted within the final six weeks, with discussions ongoing.
The corporate’s principal purchasers embrace the BBC, Netflix, Amazon’s Prime Video, Paramount Photos and The Walt Disney Firm.
It noticed its monetary efficiency hit exhausting by the pandemic after which the Hollywood writers’ and actors’ strikes in 2023, which introduced a lot of the movie and tv industries to a standstill.
Angels has been by means of seven generations of household possession, and is presently chaired by Tim Angel, a former chairman of BAFTA.
The corporate was based by Daniel Angel, who had arrived in London from Frankfurt in 1813 and arrange a barrow promoting secondhand clothes.
Years later, when an actor requested if he may lease a swimsuit quite than purchase it from Mr Angel, his rent enterprise took off, based on an historical past of the enterprise printed on-line.
Notable moments in Angels’ historical past included being referred to as in through the Twenties to re-dress Madame Tussauds’ assortment of waxworks after the premises had been destroyed by fireplace.
The corporate has provided costumes for 47 Finest Costume Oscar-winners, together with Hamlet, Physician Zhivago, Star Wars, Chariots of Hearth, Braveheart, The English Affected person, Shakespeare in Love, The Nice Gatsby, and The Grand Budapest Lodge.
It has additionally performed a job supplying 37 Finest Costume BAFTA-winners, based on info circulated by Kroll to potential traders.
In 2016, Angels was itself awarded a BAFTA for Excellent British Contribution to Cinema.
Angels’ assortment of costumes numbers greater than 1 million gadgets, which might stretch for greater than ten miles if hung subsequent to one another.
Its former head workplace on London’s Shaftesbury Avenue is now a flowery costume store with costumes accessible for rent.
“Our trade has been by means of a few of its hardest years, from COVID and strikes to the LA fires, at one level leaving over 80% of our sector unemployed,” stated Jeremy Angel, a director of Angels.
“We stood by our workers, protected the enterprise, and made it by means of.
“We’re optimistic now with many new productions beginning and authorities incentives coming in [and are] looking for a small funding to assist us develop and proceed supporting designers, administrators, and actors, simply as we have performed since my household based the enterprise in 1840.”
Angels is known to have recorded a loss in its final monetary yr however is forecasting a return to profitability in 2026, based on figures provided by Kroll to events.
