The production company behind MasterChef continued to make huge losses as the scandal surrounding the show’s presenter Gregg Wallace came to light, it has been revealed.
The UK arm of French giant Banijay hit the headlines in November 2024 when Gregg Wallace announced he was stepping away from the hit BBC show after an external investigations into allegations from 13 individuals was launched.
The allegations, which spanned 17 years, were looked into by law firm Lewis Silkin while certain details made their way into the public domain.
Gregg Wallace was sacked from MasterChef in July this year while fellow presenter John Torode also left the show over a separate disciplinary issue.
Banijay’s losses linked to major investment plans
Now, new accounts filed with Companies House have revealed Banijay’s UK arm made a pre-tax loss of £56.9m in 2024, having also lost £53.4m in 2023.
The division also posted a pre-tax loss of £24.9m in 2022.
The losses come despite its revenue increasing over the same time from £294.7m to £326m.
Banijay, which also produces the likes of Would I Lie To You, SAS Rogue Heroes, Shardlake, Grantchester and Bad Education as well as Hunted, Survivor, Total Wipeout and the revival of Big Brother.
The business said the rise in its revenue was “driven by an uptick in delivery of scripted productions, some of which has been pushed back from 2023, along with new business wins”.
During the year the average number of people employed by Banijay in the UK fell from 810 to 720.
In a statement signed off by the board, Banijay said: “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 UK’s Growth fund and has to date invested over £50m, including deferred consideration, in acquiring and investing in UK 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, it was reported that Banijay was in early stage talks over a potential takeover for British broadcaster ITV or its studio division.
The options considered at the time included a full acquisition of ITV, or a more contained bid just to take over the group’s production arm, ITV Studios. No formal bid was ever submitted.
How the competition are performing
In August, City AM reported that losses had ballooned at the production giant behind the likes of The Traitors, Race Across the World and Gogglebox as its revenue slumped by almost £100m.
All3Media reported a pre-tax loss of £113.5m for 2024, after also posting a loss of £27.8m in 2023.
The group’s revenue also fell from £995.1m to £895.9m over the same 12-month period.
At the time, All3Media said its revenue fell because of “softer demand in a challenging market”.
The London-headquartered company has been owned by RedBird IMI after being acquired from Warner Bros Discovery and Liberty Global in a deal valued at £1.15bn in February 2024.
RedBird IMI is led by chief executive Jeff Zucker and is a partnership between New York-based RedBird Capital Partners and Abu Dhabi-backed International Media Investments.
All3Media’s production companies are also behind shows such as Call the Midwife and Squid Game: The Challenge, Great British Menu, Hollyoaks and Sort Your Life Out among others.
Also last month, City AM reported that the production company behind Baby Reindeer has fallen into the red as its earnings were slashed in the aftermath of the Netflix smash hit.
Clerkenwell Films posted a pre-tax loss of £1.5m for the year to 31 March, 2025, down from a pre-tax profit of £2.7m in the prior 12 months.
Its turnover was also cut from £6m to £1.9m over the same period.
Baby Reindeer was released on Netflix in April 2024 and generated huge viewing numbers and critical acclaim.
As well as Baby Reindeer, Clerkenwell Films’ work includes The End of the F***ing World, Somewhere Boy, Cheaters, The Dig, Truelove, Misfits and Lovesick.