Value of Stephen Nolan’s production company drops by nearly 60%

THE value of Stephen Nolan’s production company has dropped by almost 60%, it has been reported.

Third Street Studios, of which Mr Nolan is the sole director, makes factual programmes for the BBC including Jailed: Inside Maghaberry and Boys Banged Up.

Newly filed accounts show that the company’s net assets (the total of what a company owns minus what it owes) has dropped from £3.9m to £1.6m.

The Belfast Telegraph report this is partly explained by a drop in what the company is owed, down from £2.4m to £384,050.

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Another factor was that the latest accounting period, for the 12 months up to the end of March, was three months shorter than the previous statement.

Other details showed an increase in cash at bank and in hand, from £1.6m to £1.7m.

As director, Mr Nolan was said to have repaid net loans of £944,897 to the company, compared to £136,369 in the previous reporting period.

The accounts also show he was owed a total of £57,221.

Commenting on the latest accounts, Mr Nolan said: “The media industry is a crowded market but the reputation and long-term growth of any TV company will ultimately be tested by what it can actually deliver, and I am therefore so proud of the team at Third Street after the BBC selected the company’s filmmaking to be shown across the UK.”

He continued: “In a streaming environment which is now so competitive there was remarkable engagement in Northern Ireland on BBC iPlayer for our Maghaberry Prison series, and this highly complex work is yet another example of how the local production team in Third Street can work at the highest level.”

As one of the BBC’s top earners, Mr Nolan earns an annual salary of around £400,000.

Last July, the Irish News revealed that he had transferred his shares in Third Street Studios to a company owned by leading bookmaker Paul McLean.