Channel 4 acquired Firecrest Films in first deal under Creative Investment Fund

Channel 4 has made its first strategic acquisition through the newly established Creative Investment Fund, acquiring a majority stake in Glasgow-based production company Firecrest Films. The deal represents a key step in Channel 4’s Fast Forward strategy to boost in-house intellectual property ownership and generate new income streams beyond advertising.

The broadcaster sees the acquisition as a blueprint for securing long-term sustainability. Interim CEO of Channel 4, Jonathan Allan, commented: “We have supported Nicole & Iain in their outstanding Scottish indie with their high-quality and critically acclaimed factual content for the last eight years. So I’m delighted that Channel 4 is now able to develop this important relationship with Firecrest Films through the first acquisition from the Creative Investment Fund, supporting our new strategy to invest in and own IP.”

Allan emphasized that the move is not only about business growth, but about reducing reliance on advertising: “This strategy will enable us to diversify revenues and secure Channel 4’s long-term sustainability through generating new income streams that are not wholly reliant on the advertising market. In turn we can then invest more into the independent sector and British storytelling.”

Founded by Managing Director Nicole Kleeman and Creative Director Iain Scollay, Firecrest Films has become one of the UK’s leading factual production houses. Known for its award-winning documentaries and high-impact investigative journalism, the company has earned 16 BAFTA awards and was named Best Small Indie of the Year at the Edinburgh Television Festival Awards in 2022. More recently, it was named Best Multi-Channel Production Company at the Broadcast Digital Awards in 2024.

Managing Director Nicole Kleeman said: “We are incredibly proud of the hugely successful business and team we have built in Govan. Over the last eight years our partnership with Channel 4 has taken us from a small regional indie to one of the UK’s most significant documentary producers. This new relationship with Channel 4 will give us the security to futureproof the business and continue to grow talent and tell stories.”

This acquisition builds on a longstanding relationship between the two companies. Firecrest was previously backed by Channel 4’s Indie Growth Fund with a minority stake in 2017. The new deal marks the first majority acquisition under the Creative Investment Fund, launched in May 2025 as part of Channel 4’s strategy to increase its control over original content and diversify revenue in a shifting media landscape.

Firecrest Films has an impressive portfolio of factual titles, working with a range of platforms including Channel 4, BBC, and Amazon. Its credits include “Murder Trial,” “Paramedics on Scene,” “Highland Cops,” “Michael Palin: Travels of a Lifetime,” and “Dispatches: The Truth About Nike and Adidas.” The company also secured a six-project deal with Amazon Prime Video, including high-profile investigative documentaries such as “The Orkney Assassin,” “The Hunt for Shannon Matthews,” and “Chasing the Tinder Predator.”

The company currently employs close to 100 staff and freelancers in Govan, and has established a strong reputation for talent development. Its in-house training program has supported over 40 individuals in advancing their television careers, earning the RTS Scotland Impact Award for its contribution to building production capacity in Scotland. In the past three years alone, Firecrest has provided first-time TV jobs to 25 new entrants.

The investment was led by Caroline Murphy, who has headed Channel 4’s Indie Growth Fund since 2019. Firecrest Films was advised by Helion Partners and Lee & Thompson.

The deal signals Channel 4’s intent to play a more active role in shaping the UK’s content landscape by leveraging its Creative Investment Fund to secure valuable IP and ensure long-term resilience.