Tue, 23 Jun 2020 | BUSINESS SALE
Derby-based digital photography firm Picsolve has been sold out of administration, saving over 600 jobs. The deal also includes the company’s 35 sites across the UK and Europe.
Matt Cowlishaw and Richard Hawes of Deloitte, who were appointed as joint administrators to the company on May 4, secured the sale of the company to PomVom UK. The buyer is a newly-incorporated wholly-owned entity of PomVom Limited.
Picsolve supplies digital photography and video memorabilia solutions for tourist attractions such as Alton Towers, Thorpe Park, the London Eye in the UK as well as venues in the USA and China.
PomVom is a Tel Aviv-based AI-tech company specialising in creating real-time digital photography experiences in amusement parks, events and sports.
Joint administrator Matt Cowlishaw said: “We are really pleased to announce the successful sale to Pomvom. The combination of technologies should provide a compelling offering in the market. We would like to thank all of the company’s employees for their continued support and we wish the new owners every success for the future.”
In its most recent accounts, to the year ending February 28 2019, Picsolve registered a 7.1 per cent increase in its UK turnover from the year prior, from £18.93 million to £20.2 million. However, turnover declined by 7 per cent in the EU and 9.8 per cent in the rest of the world. Total turnover stood at £30.4 million, slightly up from £29.9 million.
The company also registered a £3.6 million pre-tax loss, although this was an improvement on a £4.4 million loss in 2018, while its net current liabilities increased from £3.3 million in 20198 to £8.2 million in 2019. Its total assets less liabilities were valued at £5.4 million.
Find businesses for sale here.
If you are looking for an exit, we can help!
An excellent opportunity exists to purchase the business and assets of a well-established festival business that has built up a successful annual festival in the South East of England. Offers invited.
LEASEHOLD
Retailers of consolidated scheduled air fares to the general public business clients & other travel agencies. Complementing its air fare sales the company also offers tailor-made holiday itineraries package holidays accommodation care hire & insuranc...
Designer developer & manufacturer of a laser clay pigeon shooting sport sold to a worldwide customer base & utilised by leisure centres corporate event companies & private individuals. Can be operated both outdoors & indoors as a competitive sport or...
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
14
|
|
Jul
|
Directors of distressed companies get more breathing space | BUSINESS NEWS
The temporary suspension of wrongful trading provisions intr...
|
13
|
|
Jul
|
Yorkshire retailer Peter Jones enters administration | ADMINISTRATION
Well-known Wakefield-based retailer Peter Jones has entered ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
14
|
|
Jul
|
Huddersfield retail park acquired out of administration | COMMERCIAL PROPERTY
Huddersfield’s Gallagher Retail Park has been acquired...
|
24
|
|
Jun
|
JD Sports buys back Go Outdoors from administrators | BUSINESS SALE
JD Sports has bought back retail chain Go Outdoors after pla...
|
22
|
|
Jun
|
JD Sports set to appoint administrators to Go Outdoors | ADMINISTRATION
JD Sports Fashion has filed a notice of intention to appoint...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources