Historical costumier Angels, renowned for their work on Bridgerton, seeks investment from potential backers.
The London-based costume supplier, Angels, which has been supplying the world's leading stars of stage and screen for 185 years, is currently in negotiations to sell a minority stake in the company for the first time. This historic move, internally dubbed "Project Carousel," is being facilitated by professional services firm Kroll [1].
Founded by Daniel Angel in 1840, Angels has remained in family ownership for seven generations, with Tim Angel, a former BAFTA chairman, currently at the helm. Despite facing challenges such as the COVID-19 pandemic and the 2023 Hollywood strikes, the company is optimistic about its growth prospects, bolstered by new productions and government incentives [1].
Angels boasts an impressive client list, including the BBC, Netflix, Amazon Prime Video, Paramount Pictures, and The Walt Disney Company [1]. The company's collection numbers more than one million items, and it has dressed 47 Best Costume Oscar-winners and 37 Best Costume BAFTA-winners [1].
The discussions involve several potential investors with experience in media and showbusiness. Initial investment offers have been submitted within the past six weeks, and negotiations are ongoing [1]. While specific investors have not been publicly disclosed, sources indicate that they have a track record of investing in the media and entertainment sectors [1].
Angels' hire business took off when an actor asked if he could rent a suit rather than buy it from Mr. Angel, marking a significant shift in the company's business model [2]. The former head office on London's Shaftesbury Avenue is now a fancy dress shop with costumes available for hire.
In 2016, Angels was awarded a BAFTA for Outstanding British Contribution to Cinema. If hung next to each other, Angels' costumes would stretch for more than ten miles [2]. Despite recording a loss in its last financial year, Angels is forecasting a return to profitability in 2026 [1].
The company stands by its staff during tough times, as demonstrated by its support during the COVID-19 pandemic, strikes, and LA fires, which left over 80% of the sector unemployed [3]. This commitment to its staff and the industry is a testament to Angels' enduring legacy and its continued contribution to the world of stage and screen.
[1] - The Guardian [2] - The Telegraph [3] - Variety
- The proposed investment in Angels, a prestigious costume supplier with a decades-long history, could potentially alter the company's growth trajectory in both finance and business, expanding into fashion-and-beauty, entertainment, and investing sectors.
- AsAngels, with its extensive collection of over one million items, eyes a return to profitability in 2026, negotiations with experienced media and showbusiness investors could significantly impact its lifestyle and future productions.
- The upcoming change in Angels' ownership structure, facilitated by Kroll, could lead to expansions and innovative collaborations within the entertainment industry, revolutionizing the lifestyle and investments associated with fashion, film, and television.
