EXCLUSIVE: Independent Talent, the London talent agency to stars including Daniel Craig and Josh O'Connor, took a profit hit after the U.S. strikes amid ongoing speculation about its desire to sell.
The Duncan Heath-run company posted a pre-tax profit of £4.5M ($5.6M) in the 12 months to the end of March 2024, which was half the £9M recorded the previous year. Profit after tax, Independent Talent's preferred measure of earnings, dropped 48% to £4.3M.
Independent Talent's revenue also declined over the same period. The company's sales stood at £37.6M last March, down 18% from £46.1M in 2023.
"Performance has been negatively affected by the writers' strike and actors' strike during the year," the agency noted in earnings filed at UK Companies House. It added: "The group has seen an upturn in performance subsequent to the year-end."
Industry sources continue to indicate that Independent Talent is prepared to sell for the right offer and that talks have been taking place with private equity firms. Deadline understands that the company has worked with Josh Berger, the former Warner Bros. UK chief, to assess interest among potential buyers, and that Bank of America has been repping the UK outfit. Heath and Berger declined to comment on the sale speculation. It's not immediately clear if a sale would be for all or part of the business.
Independent Talent's accounts do not make mention of a potential sale. The Yucaipa Companies, Ron Burkle's investment company, owns 49% of the shares in Independent Talent, while Heath owns 15.3% of the agency.
There were bright spots in Independent Talent's 2024 earnings. The company's investment in Sid Gentle Films proved a shrewd move after the Killing Eve producer met performance targets following its sale to BBC Studios in 2022. This unlocked payments of £8.1M for Independent Talent on top of the initial consideration of £7.3M it received from BBC Studios.
Independent Talent's client roster includes established actors including Jodie Comer, Lennie James, and Claire Foy, as well as breakout stars like Heartstopper's Kit Connor.
The UK agency scene has been considered fertile ground in recent years. UTA acquired Curtis Brown in 2022 while, as we first reported, YMU, the UK agency that reps Simon Cowell, Graham Norton, and Nicole Scherzinger, was sold to Permira Credit last year in a £60M ($76M) debt deal. CAA and WME are understood to have kicked the tires on multiple agencies in the UK.