Morgan Cole has advised the management of the independent TV production company Tinopolis plc in connection with a recommended cash offer which values the company at £44.7m.

Red Dragon Acquisitions, a newly incorporated company controlled by investment partnerships advised by private equity group Vitruvian Partners, has agreed a cash offer of 45 pence per share for the Llanelli-based business.

The executive managers of Tinopolis will remain in place to operate the company after the takeover on the basis of their current service contracts and subject to certain agreed amendments.

Among programmes produced by Tinopolis are Question Time and The Ashes coverage. It floated in 2005, a development also advised on by Morgan Cole.

Partner Emyr Lewis and associate Jayne McCarthy led the Morgan Cole team.

Mr Lewis said, "Morgan Cole is delighted to have advised Tinopolis from its beginnings as a regional production company to its current status as a substantial player in the UK independent television production market.

"We advised the company on its AIM flotation in January 2005 and its subsequent takeover of TV Corporation; and now we have advised the management team in this new and exciting stage in the Company’s development."