Coolabi to Be Sold to North Promotions

LONDON: Coolabi, which owns the distribution rights to Bagpuss and co-produces the hit Poppy Cat, has reached an understanding in principal to be bought by the venture capital group North Promotions for $6.6 million.

North Promotions, an investment outfit owned by Edge Performance, will pay 7.75p a share, with a share alternative in North Promotions. Coolabi also owns the company behind Purple Ronnie, the greetings card brand.