British production company Kalel Productions is adapting the format as a four-part series, in which serial entrepreneur Eric Collins offers investment to four struggling UK businesses in the hope they can turn around their fortunes.
Collins is the CEO of X Capital Partners, a venture capital firm that specializes in supporting underrepresented entrepreneurs across Europe. He has been named as one of the most influential Black people in Britain and the Financial Times said he was among the country’s top 100 BAME leaders in technology.
Collins will immerse himself in the struggling businesses and will only offer a cash injection once he has taken the reins and introduced significant changes to the way the company operates in the hope it can turn a profit.
The Profit has run for seven seasons on CNBC and is hosted by Marcus Lemonis. The format is distributed by NBCUniversal Formats, a division of Universal Studio Group. Nick Parnes and Mark Saben executive produce the UK version, with Helen Richards series producing. Channel 4’s Alf Lawrie and Becky Cadman are the commissioners.
Collins said: “The pandemic has hurt so many and I want to use my 20 plus years of experience as a businessman and investor to help some companies navigate through these turbulent times, so they survive and thrive.”
Parnes added: “He will invest in struggling companies in return for equity, becoming temporary boss and giving the businesses a financial make-over. He needs to make it work in order to turn a profit. And save companies and jobs in the process. This is so neat, important and timely.”
Channel 4 announced a second entrepreneurial format on Tuesday — the working titled Flipping Fast. ITV Studios-backed South Shore has created the six-part series, in which budding property developers are handed £100,000 and must compete against each other to turn the biggest profit.
After 12 months, the most successful property flipper will be revealed. In addition to keeping their profits, the winner gets a cash prize of the full £100,000 investment given to them at the beginning of the process.
Flipping Fast is executive produced by South Shore’s Melanie Leach, Andrew Mackenzie, and Christian Kehoe. Clemency Green is the commissioner for Channel 4.
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