Channel 4’s Creative Investment Fund acquires Firecrest Films

Channel 4 today announced it has acquired Scottish Indie Firecrest Films through the newly launched Creative Investment Fund.  

 The investment marks the first majority investment from the new Fund, which was announced herein May 2025, as part of the channel’s twin-track approach to IP ownership under its Fast Forward strategy. 

Firecrest Films is based in Glasgow and was founded by managing director Nicole Kleeman and creative director Iain Scollay, who will both continue to run the business.  In 2017, the company received a minority investment from Channel 4’s Indie Growth Fund, which preceded the CIF. 

Specialising in premium documentaries and factual content, Firecrest has won 16 BAFTAs, Best Small Indie of the Year (Edinburgh Television Festival Awards 2022) and Best Multi-Channel Production Company (Broadcast Digital Awards 2024).  

Firecrest works with multiple broadcasters and streamers to produce content including BBC returning series Murder Trial, Murder Case, Paramedics on Scene and Highland Cops, Three Mothers, Two Babies and a Scandal (Amazon), Michael Palin: Travels of A Lifetime (BBC Two) The Secrets of TikTok Shop (Channel 4’s UNTOLD), Liar: The Fake Grooming Scandal (BBC Three), and Dispatches: The Truth About Nike and Adidas (Channel 4). The company recently secured a six project deal with Amazon Prime Video for tiles including The Orkney Assassin, The Hunt for Shannon Matthews and Chasing the Tinder Predator. 

Based in Govan, Firecrest currently employs almost 100 staff and freelancers and is renowned for its investment in new talent. In the last three years it has given 25 people their first jobs in TV. Firecrest also runs its own talent development scheme which is highly acclaimed in the industry and has earned the RTS Scotland Impact Award for its impact on developing behind-the-scenes talent across all levels in Scotland. To date the scheme has supported more than 40 individuals to take a significant step up, from entry level to exec. 

The investment was negotiated by Caroline Murphy, who has led the Indie Growth Fund since she joined Channel 4 in 2019.  Firecrest Films were advised by Helion Partners and Lee & Thompson.   

Nicole Kleeman, Managing Director of Firecrest Films comments: “We are incredibly proud of the hugely successful business and team we have built in Govan. Over the last eight years our partnership with Channel 4 has taken us from a small regional indie to one of the UK’s most significant documentary producers. This new relationship with Channel 4 will give us the security to futureproof the business and continue to grow talent and tell stories.”  

Jonathan Allan, Interim CEO of Channel 4, said: “We have supported Nicole & Iain in their outstanding Scottish indie with their high-quality and critically acclaimed factual content for the last eight years. So I’m delighted that Channel 4 is now able to develop this important relationship with Firecrest Films through the first acquisition from the Creative Investment Fund, supporting our new strategy to invest in and own IP. 

“This strategy will enable us to diversify revenues and secure Channel 4’s long-term sustainability through generating new income streams that are not wholly reliant on the advertising market. In turn we can then invest more into the independent sector and British storytelling.”  

About the Creative Investment Fund 

Following the government’s removal of the publisher broadcaster restriction and the creation of a new sustainability duty via the Media Act 2024, Channel 4’s new IP investment fund - ‘Creative Investment Fund’ (CIF) - is focused on building majority stakes in Indies and content producers with strong commercial potential. Investment is made with an option to take majority equity stakes in scalable companies, with a clear path to 100% ownership. The fund is flexible in its deal structures, reflecting the varying life stages and needs of its creative partners, whilst seeking to build a portfolio of market leading global IP creators with ambition for growth, generating diverse income streams for Channel 4 though creative and commercial success.  

The CIF will report to Channel 4’s Chief Operating Officer, but given Jonathan Allan’s responsibilities as Interim CEO, the fund temporarily reports to Martin Baker, Chief Commercial Affairs Officer & MD Paralympics, and is run by Caroline Murphy. The existing 15 Indie Growth Fund production companies will become an integral part of the CIF and will continue to be supported alongside new investments.  The CIF’s advisory board will operate with the involvement and support of its current external creative mentors. 

Channel 4 Commissioning Guidelines 2025 can be found here