HIT in Bid for Gullane
by Amanda-Jane Doran -- Publishers Weekly, 6/3/2002
HIT Entertainment, which owns the Bob the Builder franchise, is making a bid for Gullane, parent company of Thomas the Tank Engine.
It is not the first time that the companies have been in talks. Two years ago discussions broke down after an offer from HIT valued Gullane at £300 million. Gullane's fortunes have not fared well since then; its collection of British children's favorites includes Sooty and Fireman Sam as well as top performer Thomas, but they have been blown out of the play box by Bob the Builder and that property's successful merchandising. Gullane bought Guinness World Records in 2001, a move that increased its debt load, and revenues fell in the first half of the year, all of which has resulted in lowering its price tag to £157 million.
HIT's growing stable of characters is performing well on TV and in the bookstores in the U.K. and the U.S., particularly Bob and Kipper the Dog, based on Mick Inkpen's watercolors. The animated Angelina Ballerina has just begun to air in the U.S. on PBS, and represents a concerted effort to attract the girl market as opposed to the fans of Bob the action hero. The acquisition of Barney from Lyrick Corporation last year has given HIT global aspirations.
