BOSSES of Red Vision , the BAFTA award winning computer graphics and visual effects company, have bought the TV business back less than two years after selling it in a deal worth up to £20m.

The new deal, for an undisclosed sum, covers Red Vision's television graphics business, which is behind the new ITV satirical show Headcases, which made its debut on Sunday.

Red's successful virtual racing division is remaining with Inspired Gaming Group, the AIM listed parent company.

The buyout deal was reached as part of the first year consideration in the two-year earn-out deal. Inspired also raised £2.85m by issuing 2.38m new shares at 120p.

Managing director Dave Mousley, 55, said the deal would allow Red to flourish under independent ownership, and was a 'win-win' for his business and also for Inspired Gaming.

He said he expects the company, which has its headquarters on Canal Street in Manchester, to more than double in size in the coming months.

Red has 60 people in Manchester and 30 in London. The Manchester operation should grow to around 120 by the autumn, Mr Mousley said.

He added: "The Virtual Racing Systems business has now achieved a technical and creative stand-alone status, and the spin-out of the TV business, seemed a natural step. This will enable us to focus on core competencies and major new opportunities." Tweet