Picsolve sold out of administration, saving 600 jobs
Over 600 jobs have been saved at Derby-based Picsolve after it was sold out of administration.
The firm supplies digital photography and video memorabilia solutions to tourist attractions.
Joint administrators from Deloitte have sold the company to PomVom UK, a newly-incorporated entity of Tel Aviv-based PomVom, an AI tech company that creates real-time digital photography experiences in amusement parks, events and sports.
The sale means Picsolve’s 607 permanent employees will transfer to the new owners, alongside its 35 sites in the UK and Europe.
Matt Cowlishaw and Richard Hawes were appointed as joint administrators to the company on 4 May.
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.