Introduction to Angels

Angels, one of the world’s leading providers of costumes for stage and screen, is in conversations to secure external investments for the first time in its 185-year history. The company, based in London, is working with consultants to raise millions of pounds from the sale of a minority stake in the business.

History of Angels

Angels was founded in 1840 by Daniel Angel, who had arrived from Frankfurt to London in 1813 and set up a shop that sold second-hand clothing. The company’s rental business started when an actor asked if he could rent a suit instead of buying it from Mr. Angel. Over the years, Angels has delivered costumes for 47 best costume Oscar winners, including Hamlet, Doctor Zhivago, Star Wars, Chariots of Fire, Braveheart, the English patient, Shakespeare in Love, The Great Gatsby, and the Grand Budapest Hotel.

Notable Achievements

The company has also played a role in the delivery of 37 BAFTA winners. In 2016, Angels received a BAFTA for outstanding British contribution to cinema. The collection of Angels’ costumes counts more than 1 million articles, which would extend over more than ten miles if they were hung side by side.

Current Situation

The company’s main customers include major media and show business industries such as the BBC, Netflix, Amazon Prime Video, Paramount Pictures, and the Walt Disney Company. However, the financial performance was impacted by the pandemic and the Hollywood writers and actors’ strikes in 2023, which brought a large part of the film and television industries to a standstill. Angels has seven generations of family ownership and is currently headed by Tim Angel, a former chairman of BAFTA.

Investment Talks

The first offers for investment were submitted in the past six weeks, and discussions are ongoing. Kroll, the company for professional services, is monitoring the conversations with potential investors, dubbed "Project Carousel." City sources said that Angels had initiated talks with a number of parties who have a success story in the media and show business industries.

Future Prospects

According to information distributed by Kroll to potential investors, Angels is predicted to return to profitability in 2026. Jeremy Angel, a director of Angels, stated, "Our industry has gone through some of its toughest years, from COVID and strikes to the LA fires, at one point over 80% of our sector unemployed. We stood with our employees, protected the business, and made it. We are now optimistic because many new productions are receiving start and state incentives, and we are looking for a small investment to grow us and continue to support designers, directors, and actors, just as we have since my family founded it in 1840."