Losses widen at James Corden’s production company behind final Gavin and Stacey episode
Losses widened at James Corden’s production company, which is making the final Gavin and Stacey episode, despite its turnover jumping to almost £100m, it has been revealed.
Fulwell 73 was founded 2005 by brothers Gabe and Ben Turner, Leo Pearlman and Ben Winston while Corden joined in 2017.
The business, which has offices in London and LA, has also made the likes of The Kardashians, Friends: the Reunion, and Sunderland Til I Die.
Fulwell 73 also behind plans to build one of the largest film studios in Europe.
The proposals for Crown Works Studios in Sunderland were granted planning approval in March and is expected to cost £450m.
The project is a joint venture between Fulwell 73 and Cain International and will feature 19 sound stages, offices, workshops, a vendor village and a backlot.
Now newly-filed accounts for the year to July 31, 2023, show that the business made a pre-tax loss of £12m after also losing £11.2m in the prior 12 months.
The business last made a pre-tax profit when it achieved a total of £1.3m in the year ending July 2021.
However, Fulwell 73 said one of its main key performance indicators (KPIs) – gross profits – increased from £16.5m to £25.1m.
Its latest losses come despite the firm’s turnover increasing from £78.6m to £94.4m, according to the accounts filed with Companies House.
Fulwell 73 increases investment as sales rise
A statement signed off by the board said: “The financial period… has been a successful one for Fulwell 73 Productions LLP.
“The group has continued the growth in revenue and gross profits seen in recent years.
“The group has continued its investment in new subsidiaries, infrastructure, talent and support facilities to ensure continued growth and profitability.
“The key focus has been on ensuring Fulwell is positioned to take advantage of the opportunities that we see in the film and TV industry as a while, both in the UK and the US.
“Year-on-year turnover has increased by 20 per cent as the group has continued to grow the number of projects in production, with an increasingly broad base of broadcasters and steaming services.
“Sales to US-based customers have been a particular area of growth with sales increasing by £25.9m.
“Gross profits have increased by 52 per cent in the year, ahead of the growth of turnover, which reflects efforts and investment within the group to increase the margins on productions.
“Administrative expenses have increased 52 per cent year on year as the group continues to invest in infrastructure to facilitate growth in turnover and profit.
“Staff costs in particular have grown, increasing by £3.7m in the year driven by the group investing heavily in talent, including key strategic and management appointments in both the UK and US.”
The final Gavin and Stacey episode
The accounts come after it was confirmed earlier this month that the last ever episode of Gavin and Stacey will be shown on the BBC on Christmas Day.
Fulwell 73 took over the production of the popular show for the previous Christmas special in 2019.
The three full series of Gavin and Stacey were made by Baby Cow Productions, which was co-founded by Steve Coogan, and is owned by BBC Studios.