The production house responsible for MasterChef has continued to rack up substantial losses as the controversy surrounding the programme's host Gregg Wallace emerged, new filings have disclosed.
The British division of French media giant Banijay dominated news coverage in November 2024 when Gregg Wallace announced his departure from the popular BBC programme following the launch of an external probe into claims made by 13 individuals, as reported by .
The accusations, spanning a 17-year period, were examined by legal firm Lewis Silkin whilst specific elements entered the public sphere.
Gregg Wallace was dismissed from MasterChef in July this year whilst co-host John Torode also departed the programme due to a separate disciplinary matter.
Banijay's losses linked to major investment plans
Fresh company filings lodged with Companies House have now disclosed that Banijay's British operation recorded a pre-tax deficit of £56.9m in 2024, following a £53.4m loss in 2023.
The unit also registered a pre-tax deficit of £24.9m in 2022.
These losses occurred despite turnover climbing from £294.7m to £326m across the same period.
Banijay, which also creates programmes including Would I Lie To You, SAS Rogue Heroes, Shardlake, Grantchester and Bad Education alongside Hunted, Survivor, Total Wipeout and the revived Big Brother.
The company attributed the growth in turnover to being "driven by an uptick in delivery of scripted productions, some of which has been pushed back from 2023, along with new business wins". Throughout the year, the average workforce at Banijay in the º£½ÇÊÓƵ decreased from 810 to 720 employees.
In a board-approved statement, Banijay explained: "As part of its growth strategy, the group continues to diversify its portfolio of customers to take advantage of opportunities available, both in linear and non-linear broadcast channels, streamers and other content platforms.
"Across 2023 and 2024, the group launched the Benijay º£½ÇÊÓƵ's Growth fund and has to date invested over £50m, including deferred consideration, in acquiring and investing in º£½ÇÊÓƵ creativity and entrepreneurship focussed ons scripted, entertainment, reality and premium documentary to grow the next generation of IP [intellectual property].
"These acquisitions have expanded the group's intellectual property catalogue and further strengthened ties to non-linear broadcast channels and returns on investment are predicted over the next few years and beyond."
In April this year, reports emerged that Banijay was engaged in preliminary discussions regarding a possible takeover of British broadcaster ITV or its studio operations.
The possibilities under consideration at that time encompassed a complete acquisition of ITV, or a more targeted approach focusing solely on the group's production division, ITV Studios.
No official offer was ultimately made.
How rivals are faring
In August, City AM revealed that the television production powerhouse responsible for hits including The Traitors, Race Across the World and Gogglebox had witnessed losses spiral as revenues plummeted by nearly £100m.
All3Media registered pre-tax losses of £113.5m for 2024, following previous losses of £27.8m in 2023.
The group's turnover also declined from £995.1m to £895.9m during the equivalent 12-month timeframe.
All3Media attributed the revenue drop to "softer demand in a challenging market" at that time.
The London-based firm has been under the ownership of RedBird IMI following its acquisition from Warner Bros Discovery and Liberty Global in a transaction worth £1.15bn in February 2024.
RedBird IMI operates under chief executive Jeff Zucker and represents a joint venture between New York-headquartered RedBird Capital Partners and Abu Dhabi-supported International Media Investments.
All3Media's production arms also create programming including Call the Midwife and Squid Game: The Challenge, Great British Menu, Hollyoaks and Sort Your Life Out amongst others.
Additionally last month, City AM disclosed that the production firm behind Baby Reindeer had slipped into losses as profits were decimated following the Netflix phenomenon.
Clerkenwell Films recorded pre-tax losses of £1.5m for the year ending 31 March, 2025, compared to pre-tax profits of £2.7m in the previous 12 months.
Revenue was similarly reduced from £6m to £1.9m across the same timeframe. Baby Reindeer, launched on Netflix in April 2024, garnered substantial viewership and critical praise.
In addition to Baby Reindeer, Clerkenwell Films' portfolio encompasses The End of the F***ing World, Somewhere Boy, Cheaters, The Dig, Truelove, Misfits and Lovesick.
