Bridgwood exits E1 UK

The MD of E1 Entertainment’s UK arm is stepping down, three years after the Canadian company established its foothold in the territory through the acquisition of Contender Entertainment Group.

Richard Bridgwood, who was MD of Contender at the time of the US$100m E1 takeover in 2007, will leave the company next month. At the same time, finance director Charles Ogilvie has been appointed chief operating officer.

“Richard has been instrumental in establishing E1 as a leading independent film distributor as well as continuing the expansion of the company’s highly successful home entertainment and kids’ businesses,” said E1 president filmed entertainment Patrice Theroux.

“Charles’ keen eye for detail and industry knowledge was invaluable as we brought Contender into the E1 fold and I’m confident that under his leadership, we will see continued growth across all our operations.”

Bridgwood founded Contender in 1995 and steered through the deal with E1. “In the last three years the business has trebled its turnover and doubled its personnel, expanding and thriving in a difficult period for the industry,” he said. “I’m proud to leave the business in great hands and in great shape with a terrific line up for the next few years and two exceptional franchises in Twilight and Peppa Pig.”

E1 last week posted upbeat full-year results, with the boost from hit movie New Moon helping it move from a £31m pre-tax loss to a £6.9m pre-tax profit. The news of Bridgwood’s exit comes on a day when shares in the company surged more than 15% following claims from a Singer Capital Markets analysts that it’s being undervalued.