Unique Digital clinches GMLF cash
A provider of cinema software has secured funding from the Greater Manchester Loan Fund (GMLF) to support the roll out of its new product.
Unique Digital will use the investment to continue the UK launch of its MovieTransit product, which is a broadband distribution network of movies to cinemas.
Founded in 2003, Unique Digital plans to complete the installation of its software at 600 Odeon sites across the UK and Ireland by the end of 2014.
The product is also used in Scandinavia and once the UK launch is completed, it will be used at more than 10,000 screens.
Along with providing the funding, GMLF, which is managed by Maven Capital Partners, has also agreed the availability of follow-on funding to assist with the expansion of its network across Europe.
Chris Hagan, managing director at Unique Digital, said: "I'm delighted to be linking up with GMLF and Maven. Developing our Manchester operations centre is absolutely a key strategic step, as we continue to expand our UK and International businesses."
David Wright, investment manager at Maven, added: "Unique's innovative online technology will completely transform the means by which movies and advertising content is delivered to cinemas across the UK and Ireland.
"The value of MovieTransit as a secure, reliable, and cost-effective solution has already been proved with its adoption by many of the biggest names in movie distribution.
"We are delighted to have supported Unique with a flexible funding package from the Greater Manchester Loan Fund, and look forward to working with management to help grow their business and create more jobs in the area."
Freeths LLP provided legal advice to Maven and Atticus Legal advised Unique. Financial due diligence was undertaken on behalf of Maven by AWCL.