UK digital photography company Picsolve has been sold out of administration, saving more than 600 jobs, to PomVom, a Tel Aviv-based AI-tech company specializing in creating real-time digital photography experiences in amusement parks, events and sports, according to Business Sale.com. The deal also includes the company’s 35 sites across the UK and Europe.
According to the report, 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, a newly-incorporated wholly-owned entity of PomVom.
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 United States and China.
“We are really pleased to announce the successful sale to Pomvom,” said Cowlishaw. “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 Feb. 28, 2019, Picsolve registered a 7.1 percent increase in its U.K. sales from the year prior, from £18.93 million to £20.2 million, according to Insider Media. Sales declined, however, by 7 percent in the E.U. and 9.8 percent 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 2018 to £8.2 million in 2019. Its total assets minus liabilities were valued at £5.4 million.